The IAE anticipates global oil demand to grow by 700,000 barrels per day this year.
That would be the slowest annual increase since the 2008 global financial crisis (excepting the pandemic), with the contraction particularly acute in emerging markets, the IEA reported.
It may be too soon to blame the slowdown entirely on Trump administration tariffs, but they are likely an important contributor, the IEA said. Oil prices, already relatively low because the market is oversupplied, fell again this week after Trump said he would allow Moscow more time to pursue a peace deal with Kyiv before imposing further sanctions that could restrict Russia’s oil exports.