As the oil and gas industry charts its course for 2025, US tariffs and energy security are expected to remain the focal points of global trade, with tariff-induced tensions threatening to exert downward pressure on both the US and global economies and potentially dampening energy demand.
“The US government initially imposed hefty import tariffs on most countries in line with their respective trade deficits, which were later normalised at 10 per cent for a period of 90 days,” said Ravindra Puranik, Oil and Gas Analyst at GlobalData.
“As a result, the global economic forecast is clouded by the frequent changes in the US tariffs and the prospect of retaliatory rate increases from affected trading partners, especially China.”
According to GlobalData’s Top 20 Oil & Gas Themes – 2025, the industry must assess not only the macroeconomic impact of tariffs but also the interplay of geopolitics and supply chain disruptions as it plans for growth.
Beyond these macro themes, the transition toward clean energy — including renewables, low-carbon hydrogen, carbon capture and storage (CCS), and electric vehicles (EVs) — is poised to reshape oil and gas operations in the years ahead.
“It is therefore important for the industry to assess the impact of macroeconomic themes of tariffs, along with geopolitics, and supply chain while charting out its growth plans,” noted GlobalData, highlighting the complex landscape in which energy companies now operate.
The backdrop for these developments includes a global oil market facing slower demand growth and heightened uncertainty, with US production growth set to decelerate due to higher costs and trade barriers.
Meanwhile, the industry continues to adapt, leveraging traditional strengths in LNG, shale, and refineries while embracing disruptive technologies like AI, blockchain, and robotics to remain competitive.
As Puranik concludes, companies that invest wisely in the right themes will be best positioned to thrive amid the rapidly changing dynamics of the global energy sector.
