MUSCAT : In its latest monthly oil market report, the IEA said global oil demand is expected to grow by just 650,000 barrels per day (bpd) during the rest of 2025—down from the 990,000 bpd growth seen in the first quarter of the year. The slowdown comes amid increasing trade uncertainties and economic challenges that are dampening consumption worldwide.
“The increased trade uncertainty is expected to negatively impact the global economy,” the report stated, highlighting how geopolitical and market instability are weighing on energy use.
Despite the projected mid-year dip, the IEA slightly raised its full-year forecast for 2025 oil demand growth to 740,000 bpd, up by 20,000 bpd from its previous estimate. The upward revision reflects expectations of improved economic performance and lower oil prices, which are seen encouraging consumption in some markets.
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However, the agency warned that weak import demand from key developing countries—particularly India—continues to limit broader gains.
Looking ahead, the IEA forecasts a mild increase in global oil supply growth in 2026, estimating an average rise of 760,000 bpd.
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