Muscat: The International Energy Agency (IEA) has significantly reduced its forecast for global oil demand growth in 2025, attributing the revision to escalating trade tensions, a day after a similar move by the Organization of the Petroleum Exporting Countries (OPEC). According to Oman News Agency, the IEA's monthly report indicated that the deteriorating outlook for the global economy, amid the sharp and unanticipated escalation in trade tensions in early April 2025, has prompted a downward revision of its forecast for oil demand growth this year. The IEA projected that growth would decelerate further in 2026 to 690,000 barrels per day, noting that the decline in oil prices has only partially offset the impact of a weakened economic environment. The agency's revised forecast highlights concerns about the broader implications of trade disputes on global economic stability and energy consumption patterns.
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