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The bank expects Brent and WTI oil prices to edge down, averaging $63 and $59 a barrel, respectively, for the remainder of 2025, and $58 and $55 in 2026. Given the weak growth outlook amid a global trade war, the bank expects that oil demand will rise by only 300,000 barrels per day (bpd) between the end of last year and the end of 2025. The bank has cut its global demand growth forecasts for the fourth quarter of 2026 by 900,000 barrels-per-day since mid-March due to an escalating trade war between the U.S. and China.

Bitcoin supporters have long raised concerns about the accuracy of U.S. economic data, and recent events seem to validate their position.

Oil prices held steady on Monday as exemptions for some electronics goods from U.S. tariffs and data showing a sharp rebound in China's crude imports in March, were outweighed by concerns that the trade war could weaken global economic growth and dent fuel demand. Brent crude futures were flat at $64.76 at 11:19 a.m. ET (1519 GMT). "The OPEC cutting its global demand forecast just underscores the troubled outlook we have here from the tariffs and all the other uncertainty in the market," said John Kilduff, partner with Again Capital, referring to OPEC revising down its demand forecast in a report released on Monday.

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Many oil and gas companies have set 2025 as a key year for interim emission reduction targets, but the standardization and verification of these targets vary significantly across the industry.

"This reduces the flexibility of the US administration in pursuing expansionary fiscal policy to support growth," Deutsche Bank wrote on Friday.

Officials at the Federal Reserve said this week that the U.S. economy is in for higher inflation and slower growth as President Donald Trump's trade war heats up. Several Fed officials indicated that inflation is their biggest concern.