The International Energy Agency or IEA said on Thursday 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. This marks a slowdown from the 990,000 bpd the IEA measured for demand growth over January-March. It also hiked its supply growth forecast by almost 400,000 bpd on the month to 1.6 million bpd in 2025 as expectations of higher output from Saudi Arabia offset a predicted slowdown in US shale oil output.

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