IEA Raises Global Oil Supply and Demand Forecasts for This Year After OPEC+ Output Increase
September 11th news, the International Energy Agency (IEA) raised its forecast for global oil supply growth this year on Thursday, after OPEC+ decided to increase production. The IEA also raised its forecast for demand growth, citing the resilience of oil deliveries in developed economies. The IEA revised its global oil supply growth forecast for 2025 from 2.5 million barrels per day previously to 2.7 million barrels per day, and increased its oil demand growth forecast from 680,000 barrels per day to 740,000 barrels per day. In its monthly oil market report, the IEA stated: "The oil market is being pulled by multiple forces, on one hand, there is the potential loss of supply due to new sanctions on Russia and Iran, and on the other hand, there is the increase in OPEC+ production and the growing surplus of global oil inventory."
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