IEA downgrades outlook on growth of global oil demand for 2025 by 300,000 bpd

In absolute terms, oil demand will total 103.54 mln barrels per day in 2025

Global oil demand will grow by 730,000 barrels per day (bpd) in 2025, International Energy Agency (IEA) reported.

The estimate has been downgraded by 300,000 bpd compared with the previous outlook amid escalation of trade relations in the world.

In 2026, global oil demand is expected to gain 690,000 bpd, the agency said, adding that risks for demand forecasts persist due to the fast-changing macroeconomic environment globally.

In absolute terms, oil demand will total 103.54 mln barrels per day (mbd) in 2025, and 104.232 mbd in 2026, according to the report.

Meanwhile global oil supply will amount to 104.2 mbd in 2025, and 105.2 mbd in 2026.

Consequently, the agency expects a substantial surplus on the oil market this and next year.