Mumbai, April 16 -- International Energy Agency or IEA stated in a latest monthly update that global oil demand growth for 2025 has been revised down by 300 kb/d since last month's Report to 730 kb/d, as escalating trade tensions have negatively impacted the economic outlook. Growth is expected to slow further in 2026, to 690 kb/d, but risks to the forecasts remain rife given the fast-moving macro backdrop. The downgrade comes on the heels of robust oil consumption in 1Q25, up by 1.2 mb/d y-o-y - its strongest rate since 2023.
World oil supply rose by 590 kb/d to 103.6 mb/d in March, up 910 kb/d y-o-y, with non-OPEC+ leading both monthly and annual gains. OPEC+ will lift output targets by 411 kb/d in May, but the increase may be substantia...