सिंहदरबार संवाददाता
Kathmandu. US President Donald Trump has predicted a decline in oil demand after starting a trade war. The International Energy Agency (IEA) has predicted that the oil market will be affected by the rise of Trump.
According to IEA data, ‘Crude oil prices have fallen in February and early March. Concerns have increased about the impact of the trade war on the global economy and the OPEC+ group has confirmed plans to increase production next month.
Global oil demand is expected to increase by one million barrels per day (bpd) in 2025. It was 130,000 bpd in 2024. This will take overall demand this year to 1.039 million bpd due to low oil prices and increased demand from China.
The body that advises developed countries on energy policy has cut its forecasts for the last quarter of 2024 and the first three months of this year. “New US tariffs will act as a drag on global trade and economic growth in 2025,” the IEA said in its monthly oil market report.
The IEA expects supplies to exceed 600,000 bpd this year, an assessment seen on Thursday as helping to lower crude prices. Brent, which plays a key role in determining crude oil prices, fell 0.5 percent to $70.32 per barrel at 10:50 GMT on Friday.
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