The Globe and Mail reports in its Wednesday, April 16, edition that global oil demand is set to grow at its slowest rate in five years in 2025, with U.S. production increases also slowing due to President Donald Trump's tariffs and retaliatory measures from trading partners, according to the International Energy Agency. A Reuters dispatch to The Globe reports that these tariffs, combined with a supply increase from OPEC+ producers, have caused a significant drop in oil prices, impacting producer revenues. The IEA reports that world oil demand will rise by 730,000 barrels a day this year, down from the previously expected 1.03 million b/d, marking a larger reduction than OPEC's recent cut. The IEA said: "The deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions in early April has prompted a downgrade to our forecast for oil demand growth this year. ... Roughly half of this downgrade occurs in the United States and China, with most of the remainder in trade-oriented Asian economies." The growth of 730,000 b/d would be the lowest since 2020, when demand fell due to COVID-19. Without the pandemic, it would be the lowest since 2019, when growth was 540,000 b/d, according to the IEA.