International Energy Agency (IEA) has revised up its forecast for global oil demand this year by 40,000 barrels per day (bpd) in 2025.
Global oil demand is now expected to rise by around 790,000 bpd in 2025 compared to last year, reaching 103.88 million bpd, according to the IEA's November Oil Market Report. The previous report had projected an increase of about 710,000 bpd to 103.84 million bpd.
The gains are driven by the US, China and Nigeria, each adding roughly 120,000 barrels per day from a year earlier.
Oil demand in OECD regions is expected to fall by 30,000 bpd year on year to 45.78 million bpd, while demand in non-OECD countries is projected to rise by 810,000 bpd to 58.1 million bpd.
Global oil demand is forecast to grow by a further 770,000 bpd in 2026 compared to this year, reaching 104.65 million bpd.
- Global oil supply down in October
Meanwhile, global oil supply declined by 440,000 bpd in October, reaching 108.25 million bpd.
The decrease was mainly driven by a 520,000 bpd downturn in OPEC+ output, led by Kazakhstan, which accounted for nearly half of the group's decline, largely due to maintenance work at the Tengiz field. Kuwait, the UAE, and Libya also posted lower production by a combined 250,000 bpd.
During the same period, OPEC's crude oil supply fell by about 310,000 bpd month on month to 35.16 million bpd.
Oil production in non-OPEC countries, however, decreased by roughly 120,000 bpd to around 73.09 million bpd.
Global oil supply is projected to increase by 3.1 million bpd this year to an average of 106.3 million bpd, and by a further 2.5 million bpd next year.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr
