IEA Trims Oil-Demand Outlook on Tariffs a Day After OPEC Does

• The Worldwide Vitality Company on Tuesday minimize its projection for oil demand progress this yr and the following, blaming the toll on the worldwide financial system from President Donald Trump’s tariffs.

• The transfer follows a minimize by OPEC yesterday of its oil demand progress forecasts.

• The IEA stated it made the brand new forecasts after decreasing its assumptions for financial progress.

The Worldwide Vitality Company on Tuesday minimize its projection for oil demand progress this yr and the following, blaming the toll on the worldwide financial system from President Donald Trump’s tariffs.

The company stated that it’s decreasing its forecast for oil demand progress this yr to 730,000 barrels per day (B/D), a decline of 300,000 barrels per day versus final month’s projection. It additionally stated that 2026 oil demand progress will sluggish much more, at 690,00 barrels per day. The company stated it made these new forecasts after decreasing its assumptions for financial progress.

The downgrade marks a lot decrease oil demand forecasts than these from the Group of the Petroleum Exporting Nations (OPEC). OPEC yesterday additionally minimize its projections because of tariffs weighing on financial progress.

The IEA stated Tuesday that “with arduous commerce negotiations anticipated to happen in the course of the coming 90-day reprieve on tariffs and presumably past, oil markets are in for a bumpy trip and appreciable uncertainties dangle over our forecasts for this yr and subsequent.”

Brent and West Texas Intermediate crude futures have been each barely decrease in latest buying and selling.

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