IEA raises forecast for global oil supply growth in 2025, 2026

01:18 PM (Mecca time) Argaam
Logo ofThe International Energy Agency (IEA)

Logo of The International Energy Agency (IEA)

The International Energy Agency (IEA) on Thursday raised its forecasts for global oil supply growth for both this year and next, saying demand growth remains modest compared with historical levels.

 

In its monthly oil market report released on Thursday, the Paris-based agency said it now expects global oil supply to rise by about 3.1 million barrels per day (bpd) in 2025 and by 2.5 million bpd in 2026, an upward revision of around 100,000 bpd from last month’s outlook.

 

Global oil demand increased by 920,000 bpd in the third quarter of this year, mainly driven by higher crude shipments from China, the report said.

 

The IEA added that global oil supply fell by 440,000 bpd month-on-month to 108.2 million bpd in October.

 

Global refinery throughput declined by 2.9 million bpd month-on-month to 81.5 million bpd in October but is expected to rise by the end of the year, according to the report.

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