Wednesday, 11 Jun 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • House
  • VIDEO
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Colossal
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > Growth in oil demand expected to slow sharply as a result of Donald Trump’s tariffs
Economy

Growth in oil demand expected to slow sharply as a result of Donald Trump’s tariffs

Last updated: April 15, 2025 4:10 am
Share
Growth in oil demand expected to slow sharply as a result of Donald Trump’s tariffs
SHARE

Stay informed with free updates

Growth in oil demand is expected to slow sharply this year due to the negative impact of US tariffs on trade, according to the International Energy Agency’s latest forecast. The agency has revised its expectations for oil demand growth this year, lowering it from 1.03 million barrels a day to 730,000 barrels a day. The IEA also indicated that further downward revisions may be necessary depending on the evolution of President Donald Trump’s tariff program.

The reduction in oil demand growth is primarily attributed to concerns surrounding the impact of tariffs on the US and China, with roughly half of the anticipated decline in demand coming from these two countries. The IEA highlighted that while imports of oil, gas, and refined products were exempt from the US tariffs, the potential for inflation, slower economic growth, and intensified trade disputes weighed on oil prices.

The recent escalation in trade tensions led to a dip in Brent crude prices below $60 a barrel for the first time in four years. However, following Trump’s decision to pause some tariffs for 90 days, Brent crude prices recovered to $67.57 a barrel. Despite this temporary reprieve, the IEA revised its economic growth assumptions downward, which influenced its forecast for oil demand growth.

Looking ahead, the IEA anticipates that annual demand growth will slow further next year to 690,000 barrels a day as lower oil prices only partially offset the weaker economic environment. In 2024, global demand reached 102.8 million barrels a day, with growth of about 770,000 barrels a day.

See also  President Donald J. Trump Takes Forceful and Unprecedented Steps to Combat Anti-Semitism – The White House

Additionally, the decision by eight OPEC+ members, led by Saudi Arabia, to increase output faster than expected from next month contributed to the downward trend in oil prices in April. However, the agency noted that the actual impact on supply may be smaller than the announced increase, as some OPEC+ members were already producing above their targets.

In a similar vein, OPEC also adjusted its oil demand forecast for 2025, lowering it by 100,000 barrels a day. The cartel expects global demand to grow by 1.3 million barrels a day this year, averaging 105.05 million barrels a day.

The decline in oil prices is expected to have a significant impact on the US shale industry, where producers require prices of at least $65 a barrel to drill new shale oil wells. Trump’s tariffs may further exacerbate the situation by increasing costs for steel and equipment, discouraging US drilling activities. As a result, the IEA revised down its forecast for US oil production growth this year by 150,000 barrels a day to 490,000 barrels a day.

Overall, global oil production is projected to increase by 1.2 million barrels a day this year, down from the previous forecast of 1.46 million barrels a day. The slowdown in US shale activity and reduced supply from Venezuela, due to stricter enforcement of US sanctions, are contributing factors to this revised forecast.

TAGGED:demandDonaldexpectedGrowthoilresultsharplySlowTariffsTrumps
Share This Article
Twitter Email Copy Link Print
Previous Article The U.S. measles outbreak shows no signs of slowing The U.S. measles outbreak shows no signs of slowing
Next Article 2 charged with armed sexual assaults after one confesses on Chicago police job application 2 charged with armed sexual assaults after one confesses on Chicago police job application
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Mark in ‘The Room’ ‘Memba Him?!

Mark In 'The Room' 'Memba Him?! Published May 23, 2025 12:10 AM PDT American actor…

May 23, 2025

Man Defaces Pro-life Exhibit at UCLA – Campus So Far Has Not Publicly Responded to the Incident |

A recent report by Campus Reform highlights an incident of vandalism involving a pro-life display…

June 8, 2025

Political Thriller ‘The Interregnum’ Wins SeriesMakers

Spain’s “The Interregnum” emerged victorious in the SeriesMakers competition, clinching the prestigious Beta & Kirch…

March 29, 2025

China Orders Airlines Not to Take Deliveries of Boeing Planes |

Chinese Airlines Halt Boeing Deliveries Amid Trade Tensions In the latest twist of the ongoing…

April 27, 2025

Prince William And Kate Middleton’s ‘Quiet Christmas’ To Heal Marriage

Prince William and Kate Middleton are looking forward to a quiet and peaceful Christmas together…

November 27, 2024

You Might Also Like

Inflation is holding steady as tariffs have yet to fully hit : NPR
World News

Inflation is holding steady as tariffs have yet to fully hit : NPR

June 11, 2025
Inflation pressures ease on a monthly basis as tariff uncertainty lingers
Economy

Inflation pressures ease on a monthly basis as tariff uncertainty lingers

June 11, 2025
Tesla drivers in France sue over Elon Musk’s political antics
Economy

Tesla drivers in France sue over Elon Musk’s political antics

June 11, 2025
Toyota Industries’ bn deal faces shareholder criticism
Economy

Toyota Industries’ $33bn deal faces shareholder criticism

June 11, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?