Sluggish US oil demand a fresh headache for OPEC+

For all the focus on a possible ‘Trumpcession’ and the related risks to US oil demand, it is worth noting that oil demand growth is already anaemic and our view on the US economy is consistent with demand stagnating or contracting slightly in 2025. While OPEC+ recently reiterated its plan to increase supply this year, it could have to row back on those plans at some point or even cut further.

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