While Trump 2.0 policies are creating uncertainties, the impacts on growth and oil demand may not to be felt this year. Also, potential demand impacts could be offset by supply factors such as geopolitical disruptions, more cohesive and proactive OPEC+, and a repeat of the 2024 non-OPEC+ performance to mention few factors. Only couple of months into 2025, these moving parts and uncertainties are already starting to change the dominant narrative of an oil glut.