The International Energy Agency (IEA) forecasted a rise in global oil production by 2.7 million barrels per day (mmbl/d), to record 105.8 mmbl/d in 2025, as a reflection of the OPEC+ decision to ease back its earlier oil production cuts.
According to report, IEA also expects production to rise by 2.1 mmbl/d, reaching 107.9 mm/d in 2026. It noted that the supply in August moved up slightly to 106.9 mmbl/d.
Additionally, the report anticipated an increase in global demand by 740,000 barrels per day (bbl/d) in 2025. IEA stated that refinery crude output increased by 400,000 bbl/d to reach 85.1 mmbl/d in August, however, it is expected to fall by 3.5 mmbl/d in October due to intensified seasonal maintenance.
In June, IEA released a report on the oil market medium-term outlook, forecasting that global oil demand will increase by 2.5 mmbl/d between 2024 and 2030, reaching the plateau of around 105.5 mmbl/d by the end of the decade.
