The International Energy Agency (IEA) on Wednesday lowered its forecast for global oil demand growth in 2025 to just over one million barrels per day, down by 70,000 from its previous estimate.
The Paris-based global energy watchdog attributed the revision to downside risks from U.S. tariff threats and broader macroeconomic uncertainties.
The agency now expects global oil demand to reach 103.9 million barrels per day in 2025, with Asia accounting for nearly 60 percent of the gains, driven by China's petrochemical sector.
Weaker-than-expected delivery data also led to slightly lower estimates for year-on-year demand growth in the fourth quarter of 2024 and the first quarter of 2025, now projected at 1.2 million barrels per day, the IEA said in its latest report.
IEA lowers 2025 global oil demand growth forecast amid economic uncertainty
Russia announced on Friday that its forces had recaptured another settlement in the Kursk region previously held by Ukraine, while Ukraine reported on the same day that it had repelled 22 Russian attacks in the region, according to official statements from both sides.
The Russian Defense Ministry specified in a statement that its forces had reclaimed the settlement of Goncharovka in Kursk. The ministry also reported that Russia has regained control of 28 settlements in western Kursk over the past week.
In addition, the Ukrainian armed forces have lost more than 260 service members, five armored personnel carriers, two combat armored vehicles, four artillery pieces, two mortars, and three UAV control points on the frontlines in Kursk over the past 24 hours, according to the ministry.
The General Staff of the Armed Forces of Ukraine reported Friday that its forces had repelled 22 Russian attacks in the Kursk region.
On the same day, Ukraine's State Border Guard Service stated that since Thursday, border forces had detected a Russian assault unit attempting to re-enter Sumy, a Ukrainian region bordering Russia's Kursk region. Ukrainian forces successfully intercepted the Russian unit in Sumy, resulting in 15 Russian soldiers killed and more than 10 wounded, forcing the unit to retreat.
Russia claims control of another settlement in Kursk, Ukraine reports repelling multiple attacks
