In its monthly oil market report, the IEA now estimates global supply at 106.2 million barrels per day in 2025, up 3 million bpd from 2024, which is 100,000 bpd less than it forecast in November

Global demand for oil and gas could continue to rise until 2050, the International Energy Agency (IEA) said, marking a shift from its earlier expectations of a rapid transition to cleaner fuels and warning that the world is unlikely to meet its climate goals

In its monthly oil market report, the IEA estimated that global inventories will rise by an average of 2.5 million barrels per day (bpd) in the second half of the year as supply far outpaces demand

OPEC made no changes to its relatively high global oil demand growth forecasts for this year and next, and said the world economy was maintaining a solid growth trend in the second half of this year

U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration (EIA)

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for global oil demand growth unchanged for 2025 and 2026, following reductions in April, stating that the economic outlook remained robust

The global oil market is expected to move toward a mid-term balance, despite ongoing geopolitical tensions in the Middle East, as supply increases and demand growth slows, the International Energy Agency (IEA) said

The International Energy Agency (IEA) said that economic challenges, along with record electric vehicle sales, will reduce global oil demand growth to 650,000 barrels per day (bpd) for the remainder of 2025

OPEC has announced that it is maintaining its forecast of a 1.3% year-on-year increase in global oil demand for both 2025 and 2026, while expecting a notable rise next quarter

The IEA said global oil demand will grow at its slowest rate for five years in 2025, and U.S. production rises will also taper off due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves