Economic headwinds combined with record sales of electric vehicles will reduce global oil demand growth to 650,000 barrels per day for the remainder of 2025, said the International Energy Agency (IEA) in its May 2025 oil market report. That marks a slowdown from the 990,000 bpd the IEA measured for demand growth over January-March. Increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand. It sees demand growth averaging 760,000 bpd in 2026. A sharp rise in supply, considerably outpacing demand growth, will force oil storage levels higher by an average of 720,000 bpd this year, the IEA said, as per a report.
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