IEA lifts 2025 global oil supply forecast after OPEC+ decision to hike production

IEA lifts 2025 global oil supply forecast after OPEC+ decision to hike production

• The latest update by the International Energy Agency (IEA)

• 2025 world oil supply to rise by 2.7 mil bpd following OPEC+ hike (previously 2.5 mil bpd)
• 2025 world oil demand growth forecast seen at 740,000 bpd (previously 680,000 bpd)
• 2026 average oil demand growth forecast steady at 700,000 bpd

Overall, IEA notes that the oil market is "being pulled in different directions by a range of forces, with the potential for supply losses stemming from new sanctions on Russia and Iran coming against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances".