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in oil demand. In its latest Oil Market Report (OMR) published on 15 April, the IEA has downgraded world oil demand growth for 2025 by 300,000 barrels per day (b/d) since the previous month's report to 730,000b/d. This latest downgrade comes on the heels of robust oil consumption in the first quarter of 2025, which was up by 1.
2 million b/d year-on-year, the strongest rate since 2023. Negative economic impact The IEA said the recent escalation of trade tensions had negatively impacted the economic outlook. "After a period of relative calm, global oil markets were roiled by a barrage of trade tariff announcements in early April," the IEA reported.
"Benchmark...
Colin Hay.
