IEA, like OPEC, cuts 2025 oil demand forecast on trade tensions

Five Takeaways from the IEA’s 2024 Global Energy Review

In uncertain times, it helps to take a breath and look at the data. One great reference point is the International Energy Agency (IEA), and this year’s Global Energy Review provided some striking insights on clean energy in 2024. In sum? The trends are positive, but there’s still a lot more to do. Here are five big things that stood out from this year’s report. (Note: All charts by IEA unless otherwise noted). 1. Clean energy is increasingly dom…

Trump's Tariffs F*cking Over His Oil Industry Pals. Gosh, That's A Shame.

Pattie Richardson East: Oil Refinery--Fort Worth, Texas, 1934, Smithsonian American Art Museum. Yes, it’s a New Deal oil painting. During the presidential campaign, Donald Trump loved to explain how he would end inflation by drill-baby-drilling for more oil, even though the USA during the Biden years was already drill-baby-drilling more oil than any nation ever. We had to produce even more oil, and Big Oil sure loved Trump’s promise that he woul…

OPEC+ Vows to Offset 4.57 Million Bpd Overproduction by June 2026

The eight OPEC+ countries that have been cutting oil production will have to compensate 4.57 million barrels per day (bpd) in overproduction so far, and the compensation plans entail offsetting all above-quota output by June 2026. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have submitted their individual compensation plans to OPEC, the cartel said on Wednesday. Source: OPEC Since the very first OP…

How a US-China trade war could impact the Middle East

As Washington and Beijing wage an intense trade war, the economic consequences for the Middle East’s energy industry could be severe. Sending shockwaves through global markets, the mutual trade embargo has caused oil prices to drop to their lowest level since February 2021 due to fears of reduced demand. Launching economic hostilities against China last week, Washington imposed tariffs of 104% on Chinese goods. Beijing retaliated with 84% duties…

IEA to Oil Markets: ‘Buckle Up’

Current conditions: Breezy weather in Sarasota, Florida, is increasing today’s fire danger • Turin, Italy, is bracing for an April’s worth of rain in a single day • The aurora borealis may be visible over the northern U.S. tonight and tomorrow thanks to a geomagnetic storm. THE TOP FIVE1. IEA report moderates expectations of global oil demand The International Energy Agency released its monthly analysis of the global oil market on Tuesday, writ…

IEA cuts 2025 world oil demand growth forecast on trade tensions

Deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions in early April has prompted a downgrade to our forecast for oil demand growth this year, said the IEA in a monthly report.