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April 15, 2025
PARIS, France (AFP)— World oil demand will probably be decrease than beforehand forecast this 12 months as rising commerce tensions weigh on the financial outlook, the Worldwide Power Company mentioned Tuesday.
Whereas US imports of oil, gasoline and refined merchandise have been exempted from President Donald Trump’s tariffs, his different levies have raised fears of inflation and recession, pushing crude costs to four-year lows, the IEA mentioned.
“After a interval of relative calm, international oil markets had been roiled by a barrage of commerce tariff bulletins in early April,” the Paris-based company mentioned in a month-to-month report.
It lowered its forecast for development in oil demand by 300,000 barrels per day (bpd) — down from simply over a million bpd in its March report back to 730,000.
Trump imposed international tariffs of 10 p.c this month however paused greater levies on scores of nations for 90 days.
“With arduous commerce negotiations anticipated to happen throughout the coming 90-day reprieve on tariffs and probably past, oil markets are in for a bumpy journey and appreciable uncertainties grasp over our forecasts for this 12 months and subsequent,” the IEA mentioned.
The Saudi-led OPEC oil cartel additionally lowered its annual forecast on Monday, a slight revision to 1.3 million bpd.
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