Macquarie Downgrades Viva Energy (ASX: VEA) and Ampol (ASX: ALD) Due to US Tariffs Impact

Thu 10 Apr 25, 11:34 AM | Team Kalkine

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Highlights

Macquarie downgrades Viva Energy and Ampol amidst rising oil demand risks

US tariffs and weaker refining margins lead to lower growth expectations

Price targets for VEA and ALD shares reduced significantly by Macquarie

Macquarie has issued a fresh note highlighting its increased caution on oil refining stocks, particularly in light of the recent rise in US tariffs. The broker downgraded its ratings for Viva Energy Group Ltd (ASX: VEA) and Ampol Ltd (ASX: ALD) due to concerns over global oil demand and refining margins.

One of the main issues raised by Macquarie is the heightened uncertainty regarding 2025 oil demand. With larger-than-expected US tariffs now in place, there is a greater risk to global growth and oil demand. Macquarie noted that China’s oil demand is already weaker than anticipated year-to-date, adding to concerns for the sector.

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