The International Energy Agency released a report on the 13th, predicting that the global oil supply growth rate will far exceed the demand growth rate in 2025 and 2026, which may lead to further market imbalances.
The report predicts that global oil demand will increase by 680000 barrels per day in 2025 and 700000 barrels per day in 2026, reaching 104.4 million barrels per day. Since the beginning of this year, global oil demand growth has been lowered multiple times, with a cumulative reduction of 350000 barrels per day. The latest data shows that demand in major economies is weak, consumer confidence remains low, and a sharp rebound in oil demand seems out of reach. The aviation industry is an exception, with strong summer travel driving jet fuel demand to historic highs in the United States and Europe.
The report states that due to the decision of eight major oil producing countries, both OPEC and non OPEC, to increase production again in September, it is expected that the global oil supply growth rate will be 2.5 million barrels per day in 2025, an increase of 370000 barrels per day from the previous month's valuation. The growth rate in 2026 will be 1.9 million barrels per day, an increase of 620000 barrels per day from the previous month's valuation.
Mr.Kevin