US EditionGlobal Oil Market Looks ‘Bloated’ Amid Lackluster Demand From Major Economies
The International Energy Agency forecasts a record surplus in 2026 as OPEC+ and non-OPEC supply grows while global oil demand slows to less than half 2023 growth, agency data shows.
- The International Energy Agency raised its 2025 oil supply forecast after the OPEC+ group decided to increase production this year.
- This adjustment follows a backdrop of slower global oil demand growth and lackluster consumption across major economies.
- Data show that supply growth will reach 2.5 million barrels per day in 2025, while demand growth will slow to 680,000 barrels per day this year.
- The IEA reported oil inventories will accumulate at 2.96 million barrels daily, exceeding the pandemic-era buildup, while prices have dropped roughly 12% to about $66 a barrel.
- These trends suggest a growing risk of a record market surplus that may pressure prices and financial returns for producers, requiring supply-demand adjustments to restore balance.
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21 Articles
21 Articles
Global oil market looks ‘bloated’ amid lackluster demand from major economies
World oil supply will rise more rapidly than expected this year and next as OPEC+ members further increase output and supply from outside the group grows, the International Energy Agency said Wednesday.
·Atlanta, United States
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Channel News Asia+3 Reposted by 3 other sources
IEA raises 2025 oil supply forecast after OPEC+ output hike decision
LONDON :The International Energy Agency on Wednesday raised its forecast for oil supply growth this year following a decision by the OPEC+ producer group to hike production and lowered its demand forecast due to lacklustre demand across the major economies.The IEA expects world oil supply to rise by 2.5 milli
·Singapore
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The IEA highlights slowing consumption in China, India and Brazil, countries that also face the threat of high US tariffs.
Coverage Details
Total News Sources21
Leaning Left3Leaning Right1Center8Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 25%
C 67%
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