The International Energy Agency reduces oil demand growth expectations due to commercial tensions

Today, Tuesday, the International Energy Agency reduced the growth expectations for the growth of global oil demand for this year by 300 thousand barrels per day to 730 thousand barrels per day, due to the impact of the escalation of commercial tensions negatively on economic expectations.

The Agency’s monthly report expects to slow down the growth of the next year to 690 thousand barrels per day; However, the risks that threaten these expectations remain in place due to the total economic background.

Reducing the classification comes in the wake of the powerful consumption of oil during the first quarter of this year, as it increased by 1.2 million barrels per day on an annual basis, and it is its strongest rate since 2023, according to the report..

The global supply of oil increased by 590 thousand barrels per day to 103.6 million barrels per day last March, an increase of 910 thousand barrels per day on an annual basis, with the leadership of non -member countries in the OPEC+alliance of monthly and annual gains, according to the agency.

“OPEC+” is scheduled to raise production goals by 411 thousand barrels per day next May; But the increase may be much lower, given excess production by some countries.

The growth of the global show by this year decreased by 260 thousand barrels per day to 1.2 million barrels per day, due to the decline in production in the United States and Venezuela, according to the report, which suggested that production next year by about 960 thousand barrels per day, with maritime projects taking over the initiative..

The report expects the average global consumption of raw crude to 83.2 million barrels per day this year. Production is scheduled to increase by about 360 thousand barrels per day in 2026, to reach 83.6 million barrels per day.

The report highlighted the increase in global oil stocks, which are monitored by 21.9 million barrels to 7647 million barrels last February; But she is still hovering near the bottom of the range for five years.

According to the report, crude oil stocks, natural gas liquids and raw materials increased by 41.2 million barrels, including 14.1 million barrels represented by the stocks of the Organization for Economic Cooperation and Land Development.

Initial data indicates that global oil stocks increased more last March, led by crude accumulations in non -member countries of the Organization for Economic Cooperation and Development..

Global oil prices fell by about $ 10 a barrel last March and early April, with the appetite for risk declining in the wake of the increase in American customs duties and the increasing fears of recession, according to the report.

The decision of some “OPEC+” members to accelerate the pace of reduction in the additional voluntary production discounts in enhancing the declining price of prices.