US EditionWorld oil market may be tighter than it looks, IEA says
GLOBAL, JUL 11 – OPEC cut oil demand forecasts for 2026-2029 due to slower growth in China but expects demand to rise to 122.9 million barrels per day by 2050, up from last year’s outlook.
- On Thursday, OPEC cut its 2026–2029 global oil demand forecasts but maintained a long-term growth outlook, asserting no sign of peak demand.
- Slowing economic growth and rising EV adoption in China prompted OPEC to cut short-term demand forecasts, citing oil substitution and subdued growth as key factors.
- OPEC's 2026 demand estimate is 106.3 million bpd, down from last year's 108 million, with the 2029 forecast at 111.6 million bpd, 700,000 bpd lower.
- Lower medium-term demand may delay OPEC+ unwinding cuts until 2026, complicating efforts to restore production levels, as analysts warn of softer demand.
- OPEC maintains long-term demand growth projection of 122.9 million bpd by 2050, requiring $18.2 trillion in sector investment, despite recent short-term forecast cuts.
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IEA Says Oil Market Tighter Than It Looks Despite Apparent Oversupply
The global oil market appears oversupplied on paper, but underlying conditions point to much tighter supply dynamics, the International Energy Agency (IEA) said on Thursday in its latest monthly report. Despite a surge in oil production and inventories, the agency said strong seasonal demand, concentrated stockpiling of crude oil in China and gas liquids stocks in the United States, and firm refining margins suggest that available supply is not …
·New York, United States
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World oil market may be tighter than it looks, IEA says
The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand.
·United Kingdom
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Leaning Left1Leaning Right3Center5Last UpdatedBias Distribution56% Center
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C 56%
R 33%
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