US EIA warns of lower oil demand due to tariffs

The US Energy Information Administration warned on Thursday in its monthly Near-Term Energy Outlook that recent developments in global trade policies and oil production will slow global demand growth for crude and fuels through 2026.

The statistical arm of the US Department of Energy lowered its forecast for oil demand growth in the United States and globally for this year and next, highlighting the significant uncertainty in the markets due to the potential for slowing global economic growth and rising crude supply.