IEA monthly report: Trade conflicts weaken oil demand, while OPEC+ increases supply.
The IEA stated that this year, Global oil supply could exceed demand by about 0.6 million barrels per day, and last week's OPEC+ decision to start increasing oil supply might add another surplus of 0.4 million barrels per day. The IEA has lowered its forecast for Global oil demand growth in 2025 to 1.03 million barrels per day and warned that trade conflicts could further worsen the market outlook.
Oil Prices Rise as Strong U.S. Gasoline Demand Tamps Down Economic Worries
Oil Prices Jump 2% On Tighter US Supplies, But Tariff Worries Persist
OPEC Maintains Oil Demand Growth Outlooks, Flags Rising Tariff Uncertainty
Oil Is Trading Higher as Canada's Energy Minister Threatened to Cut Crude Oil Exports to U.S. Over Tariffs. Also, Oil Is Trading Higher Following a Smaller-than-expected Draw in Storage.
Oil Gains 2% After Gasoline Stocks Draw -- Market Talk