The International Energy Agency (IEA) has once again raised its forecast for global oil supply growth in 2025 - this time by 140,000 barrels per day (bpd), according to the agency’s latest report. As a result, global oil supply in 2025 is now expected to increase by 3.1 mln bpd, reaching 106.3 mln bpd.
The forecast for global oil supply in 2026 has also been revised upward, by 100,000 bpd. Under the updated projections, global supply is set to rise by 2.5 mln bpd next year, reaching 108.7 mln bpd.
At the same time, overall oil supply in October fell by 440,000 bpd to 108.2 mln bpd, as OPEC+ production declined by 520,000 bpd, the agency noted. Nearly half of that decrease came from Kazakhstan. Meanwhile, supplies from non-OPEC+ producers increased by 80,000 bpd.
