IEA revises up global oil supply forecast for 2025
(VOVWORLD) -The world’s oil supply will rise more rapidly than expected this year as OPEC+ members further increase their output and supply from outside the group grows, the International Energy Agency said Wednesday, warning that “the latest data show lackluster demand across the major economies.”
 The logo of the International Energy Agency in Paris, France, December 15, 2023. (Photo: REUTERS/Sarah Meyssonnier) |
Supply will rise by 2.5 million barrels per day (bpd) in 2025, up from the 2.1 million bpd previously forecast, the IEA said in a monthly report.
The IEA lowered its global oil demand forecast from 700,000 barrels per day to 680,000 barrels per day this year and reaching 103.7 million barrels by the end of the year.
The Agency expects global crude oil refining rates to approach an all-time high of 85.6 million barrels per day in August.