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
The statistical division of the U.S. Department of Energy has adjusted its annual U.S. and global oil demand growth projections for both this year and the next
The International Energy Agency (IEA) has revised upward its forecast for global oil demand in the last quarter of 2024, primarily due to colder winter conditions in many regions of the Northern Hemisphere, but it does not foresee supply shortages
OPEC, in a monthly report, said demand will rise by 1.43 million barrels per day in 2026, a similar rate to the growth of 1.45 million bpd expected this year. The 2026 prediction is OPEC’s first in its monthly report
OPEC cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine
Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said, as rising production from the US and other producers outpaces sluggish demand
In a monthly report, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023
