India, April 15 -- The International Energy Agency (IEA) has sharply reduced its forecast for global oil demand growth in 2025 by 300,000 barrels per day (b/d), revising it down to 730,000 b/d, media reports said.

The agency attributed the downgrade to mounting concerns over inflation, economic slowdown, and escalating trade tensions, triggered by rising tariffs from the United States, China, and others.

Just a day prior, the Organisation of the Petroleum Exporting Countries (Opec) also trimmed its oil demand growth forecast by 100,000 b/d for both 2025 and 2026, now estimating a growth of 1.3 million b/d.

For 2026, refinery processing is expected to increase by 360,000 b/d, reaching 83.6 million b/d.

On April 3, Opec+ surprised marke...