US tariffs to remain key concern this year: GlobalData

US tariffs are expected to remain the key concern for the oil and gas industry in 2025, followed by geopolitics and supply chain, according to a new report from leading data and analytics company GlobalData

Tariff-induced trade tensions have the potential to depress the US and global economy in the near term, thereby affecting energy demand. It is therefore important for the industry to assess the impact of macroeconomic themes of tariffs, along with geopolitics, and supply chain, while charting its growth strategy, says GlobalData. Also highlighted are traditional oil and gas themes such as LNG, shale and integrated refineries, the impact of which companies need to be aware of to remain competitive in the energy market.

GlobalData’s report, “Top 20 Oil & Gas Themes - 2025,” identifies the top 20 themes that will affect the oil and gas industry in 2025. As well as macro themes, those relating to the transition towards clean energy, such as renewables, low-carbon hydrogen, carbon capture and storage (CCS), and electric vehicles (EV) are expected to have a potential impact on oil and gas operations in 2025 and beyond, while AI, blockchain, cloud computing, cybersecurity, IoT, and robotics are the technology themes high on the agenda this year.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, commented, “The US government initially imposed hefty import tariffs on most countries in line with their respective trade deficits, which were later normalised at 10% for 90 days. 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.”

The industry has largely recovered from the geopolitical developments since 2022 that had significantly impacted global supply chains. While global oil demand is anticipated to grow in 2025, fuelled by consistent economic expansion in Asia, the stability of supply hinges on geopolitical risks and the production strategies of OPEC+ nations.

Puranik added, “A resolution to the conflict in Ukraine, along with incremental increases in OPEC+ output post-April 2025, could ensure adequate market supply, even in the face of stringent US sanctions on Iran and Venezuela.

“GlobalData research shows that companies that invest in the right themes become success stories; those that miss the big themes ultimately fail. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders invading the sector. In this scenario, it is important to understand the biggest themes in the industry and how they could help companies thrive in the rapidly changing energy dynamics.”