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The International Energy Agency on Tuesday cut its projection for oil demand growth this year and the next, blaming the toll on the global economy from President Donald Trump's tariffs.

The International Energy Agency (IEA) on Tuesday sharply cut its forecast for the growth in global oil demand this year due to escalating trade tensions, a day after a similar move by producer group OPEC.

Oil demand growth is forecast to be weaker than previously projected as escalating global trade tensions sparked by U.S. President Trump's tariffs weigh on the global economy, the International Energy Agency said.

Oil futures edged lower Thursday morning, after the International Energy Agency's monthly report underscored worries that rising global trade tensions could undercut energy demand.

The escalating trade war is putting pressure on global oil demand at the same that OPEC+ is reviving output, threatening to deepen a supply surplus, the International Energy Agency said. Toril Bosoni, head of oil markets at IEA joins “Bloomberg Brief.

The International Energy Agency said the macroeconomic conditions underpinning its oil-demand projections have worsened over the past month due to global trade tensions.

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International Energy Agency oil industry and markets division head Toril Bosoni discusses the outlook for 2025 production as the agency sees oil markets face a smaller surplus this year than previously expected amid stronger demand and new risks to supply. “With Russian and Iranian supply at risk of disruption, there may be room for OPEC to unwinds cuts as they have signaled that they plan to do in 2025,” Bosoni told Bloomberg's Francine Lacqua.