Mumbai: The International Energy Agency (IEA) has estimated that by 2025 the global demand for crude oil will be reduced to 730,000 barrels per day. The agency had cut 300,000 barrels per day in its previous forecast. The average daily growth rate of crude oil in 2024 was 940,000 barrels.
This cut has been made in view of rising inflation, slow economic growth and increasing trade disputes due to tariff war. In 2026, the demand hike and slow to 690,000 barrels per day.
In 2024, the global demand for crude oil will increase to 940,000 barrels per day. Strong consumption of crude oil was observed in the first three months of 2025. In the first three months, the daily consumption of crude oil increased on an average of 1.2 million barrels per day on an annual basis.
Earlier, the organization of petroleum exporting countries (OPEC) also reduced the demand for its daily crude oil for the next and next year reduced the 100,000 barrels to 1.3 million barrels.
The US has exempted oil, gas and sophisticated products from tariffs, but other tariff-related measures are at risk of pressure on crude oil prices due to inflation, slowing down economic growth and increasing trade disputes.
The IEA report states that although various countries are currently interacting with the US, the situation is still unstable and remains significant risks.
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