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Global Oil Market Looks ‘Bloated’ Amid Lackluster Demand From Major Economies | News Channel 3-12
The International Energy Agency cut 2025-2026 oil demand growth forecasts by 350,000 barrels per day while raising supply outlook due to OPEC+ output increases, risking market oversupply.
- On Wednesday, the International Energy Agency cut its global oil demand growth forecast for this year and next and raised supply projections after OPEC+ agreed to boost output.
- The IEA cited weaker demand across major economies, including China, Brazil, Egypt, and India, leading to a demand forecast downgrade on Wednesday.
- Demand is expected to rise by only 680,000 bpd this year and 700,000 bpd next year, both 20,000 bpd lower than previous forecasts, according to the IEA.
- Oil markets reacted with further losses as oversupply risks mounted, with the IEA warning that the oil market could be more oversupplied at year-end amid tepid demand and surging supply, with Brent crude trading below $66 a barrel.
- Supply may surpass demand by almost 3 million bpd next year, driven by non-OPEC growth, according to the IEA.
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16 Articles
16 Articles
The International Energy Agency lowers its forecast and establishes this with the weak global economy. The IEA forecast contradicts that of the Opec.
·Vienna, Austria
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for experts the price will slip to 50 dollars
·Turin, Italy
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Coverage Details
Total News Sources16
Leaning Left2Leaning Right2Center2Last UpdatedBias Distribution33% Left, 33% Center, 33% Right
Bias Distribution
- 33% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
33% Right
L 33%
C 33%
R 33%
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