Revised Oil Demand Forecasts Signal Slower Growth

The International Energy Agency (IEA) has adjusted its global oil demand growth projections downward for the coming years, highlighting a cautious outlook for the energy market.

In its latest July report, the IEA announced a revision of its 2025 global oil demand growth estimate to 700,000 barrels per day (bpd), a significant trim from previous forecasts. Similarly, the 2026 projection has been slightly adjusted to 720,000 bpd.

Supply Forecasts on the Rise

Contrasting the demand outlook, the agency noted an increase in the global oil supply forecast for 2025 to 2.1 million bpd, with a similar upward adjustment for 2026 to 720,000 bpd. This adjustment follows the recent OPEC+ decision to increase output.