IEA cuts its forecast for global oil demand growth for 2025 and 2026

The International Energy Agency (IEA) has lowered its forecast for global oil demand growth in 2025 and 2026 to 720,000 barrels per day (bpd), down from its previous forecast of 740,000 bpd.

In its monthly report, the agency also lowered its forecast for oil demand growth in 2026 to 740,000 bpd, down from its previous forecast of 760,000 bpd, due to anticipated economic challenges.

It indicated that global oil supply will rise by 1.8 million bpd in 2025, compared to 1.6 million bpd in its previous forecast.