New Delhi, June 30 -- The latest report by S&P Global highlights that geopolitical tensions and shifting trade policies could potentially have a negative impact on the global oil demand.

Premasish Das, Executive Director for Oil Markets Research, noted that geopolitical tensions and shifting trade policies, including U.S. tariffs, are slowing global growth, potentially reducing oil demand. China and the U.S. will see the biggest drop in refined fuel consumption. Despite this, India is expected to lead global oil demand growth, making diversification of crude imports a strategic necessity.

Additionally, OPEC+ recently raised oil output by 411,000 b/d, triggering a 20% drop in Brent crude prices. At the same time, conflict between Iran an...