The International Energy Agency raises its forecasts for global oil demand growth in 2025.

On Thursday, the International Energy Agency released its monthly report on crude oil demand growth forecasts and key analyses regarding this matter; the agency revised its previous forecast for global oil demand growth in 2024 to 840,000 barrels per day, down from the 920,000 barrels per day it had previously projected.

On the other hand, the International Energy Agency expects global demand for crude oil to grow to 1.1 million barrels per day for 2025, up from the previously expected 990,000 barrels per day. They explained that global oil markets may face an oversupply in the coming year despite recent OPEC+ decisions to postpone supply increases.

The agency expects supply expansion outside the OPEC+ alliance to grow by approximately 36%, led by the United States, Brazil, Canada, and Guyana. They noted that the strong growth in oil supplies from non-OPEC+ countries, alongside relatively modest global oil demand growth, leaves the market appearing stable.