15 April | Oil

IEA downgrades oil market outlook in April report

IEA downgrades oil market outlook in April report

The International Energy Agency (IEA) has implemented significant downward revisions to its oil demand projections, reducing near-term growth estimates by 29.13% and anticipating a further 5.48% decline in 2026. By the end of the first quarter of 2025, oil consumption rose by 1.2 million barrels per day (bpd) year-on-year.

On the supply side, 2025 global production growth was revised down by 17.8%, driven by lower output from the US and Venezuela.

Global production is projected to average 83.2 million bpd this year. In 2026, it is expected to increase by 0.43%.

Global observed oil inventories rose 0.29% in February.

The Brent crude price plunged 20% below $60 per barrel since early April, but then rebounded to $65 after Donald Trump delayed the imposition of some tariffs.

Energy imports were exempted from the new duties. However, concerns that they could trigger inflation, dampen economic growth and intensify trade disputes have put pressure on oil prices.

A significant drop in the cost of a barrel has shocked the US shale sector, as companies need a price averaging $65 per barrel to profitably drill new oil wells.

Company MarketCheese
Period: 11.07.2025 Expectation: 920 pips
GBPUSD falls as UK GDP unexpectedly shrinks
Today at 10:42 AM 3
Brent sell
Period: 17.07.2025 Expectation: 150 pips
OPEC's gloomy forecast drags Brent crude prices lower
Today at 08:53 AM 9
Period: 17.07.2025 Expectation: 26000 pips
Institutional investor demand could push ETHUSD to 3,000
Yesterday at 10:38 AM 35
Period: 16.07.2025 Expectation: 2000 pips
USDJPY prepares to retest 148 Level
Yesterday at 08:19 AM 38
Period: 16.07.2025 Expectation: 900 pips
NVIDIA shares rise amid global AI infrastructure investments
09 July 2025 66
Period: 15.07.2025 Expectation: 800 pips
Breaking downtrend could push USDCAD to 1.375
09 July 2025 44
Go to forecasts