More oil on the market in 2025 - IEA raises forecast after OPEC+ decision to increase production
The International Energy Agency (IEA) said it had raised its forecast for oil supply this year, following the decision by the OPEC+ producer group to increase production. At the same time, the agency lowered its forecast for global demand.
The organization expects global oil supply to increase by 2.5 million barrels per day in 2025, up from 2.1 million barrels previously expected, the monthly report advising industrialized countries said.
Global oil demand is expected to grow by 680,000 barrels per day this year, less than the 700,000 barrels previously forecast, according to the Paris-based agency.
"The latest data point to weak demand in major economies. Also, with consumer confidence still at low levels, a rapid recovery seems distant," the document informs.
Oil prices fell slightly after the report was released, as investors remained cautious amid signs of an economic slowdown.
Despite the expansion of production by OPEC+ countries, producers outside this group will continue to lead global supply growth in 2025 and next year.
Although it lowered its demand forecast, the International Energy Agency expects global oil production to approach a record 85.6 million barrels per day in August.
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