0942 ET - Crude futures are lower after the IEA cuts its 2025 demand growth estimate by around 300,000 barrels a day, citing an expected negative impact of U.S. tariffs on global economic growth. The downgrade to 726,000 b/d follows forecast reductions by OPEC and the U.S. EIA. The lower demand outlooks coincide with OPEC+ gradually unwinding production cuts, including plans to bring back 411,000 barrels a day in May. The IEA also reduced its 2025 supply growth estimate by 260,000 b/d to 1.2 million b/d on lower expected U.S. and Venezuelan output, and says the OPEC+ May increase could be a lot smaller given overproduction by some members. WTI is off 0.3% at $61.36 a barrel, and Brent is off 0.3% at $64.70 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 15, 2025 09:42 ET (13:42 GMT)
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