International Energy Agency (IEA) has revised up its forecast for global oil demand this year by 45,000 barrels per day (bpd) in 2025.
Global oil demand is now expected to rise by around 835,000 bpd in 2025 compared to last year, reaching 103.92 million bpd, according to the IEA's December Oil Market Report on Thursday.
The previous report had projected an increase of about 790,000 bpd to 103.88 million bpd.
The gains are driven by an improving macroeconomic outlook and with anxiety about tariffs having largely subsided.
Oil demand in OECD regions is expected to rise by 13,000 bpd year on year to 45.82 million bpd in 2025, while demand in non-OECD countries is projected to rise by 822,000 bpd to 58.1 million bpd.
Global oil demand is forecast to grow by a further 863,000 bpd in 2026 compared to this year, reaching 104.79 million bpd.
- Global oil supply down in November
Meanwhile, global oil supply declined by 610,000 bpd in November, reaching 107.5 million bpd as the decline in output from sanctions-hit Russia and Venezuela accelerated, while Brazil posted a sharp drop that was only partially offset by gains elsewhere.
During the same period, OPEC's crude oil supply fell by about 240,000 bpd month on month to 34.76 million bpd.
Oil production in non-OPEC countries decreased by roughly 370,000 bpd to around 72.75 million bpd.
Global oil supply is projected to increase by 3.1 million bpd this year to an average of 106.2 million bpd, and by a further 2.5 million bpd next year.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
