In an energy hungry world beset by growing trade tensions and shifting energy policy, volatility creates opportunity for commodity traders who can stay one step ahead of market shifts.
So, what are the opportunities and challenges set to shape crude, refined product and LNG markets as 2025 progresses?
Fill in the form to download the full report from Wood Mackenzie or read on for a preview of the key insights.
OIL DEMAND GROWTH
Oil demand growth for the remainder of 2025 and 2026 has been revised significantly downward from the start of the year, as the threat of US sanctions weighs on global economic growth. As of end June 2025, Wood Mackenzie’s mid-year forecast for total oil demand growth in 2025 and 2026 is around 900 kb/d, much lower than the January 2025 projections of 1.2 and 1.3 million b/d respectively.
Figure 1: 2025 annual oil demand growth by geography
LNG DEMAND GROWTH
Global LNG demand patterns have shifted dramatically in 2025, with Asian imports falling sharply and Europe attracting incremental cargoes.
China's LNG imports, which have been the primary driver of weak Asian demand, have bottomed out at the contracted level in H1. The challenging macroeconomic environment, under-performing sectoral demand, and high prices will continue to limit upside in H2.
Meanwhile, Europe continues to attract significant LNG volumes to replenish its underground gas inventories.
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