IEA: Global oil demand growth is slowing
The International Energy Agency (IEA) finds in its latest Oil Market Report that global oil demand growth is slowing amid economic headwinds and rising electric vehicle adoption, while supply increases and inventory builds are reshaping the oil market outlook for 2025 and 2026.
According to IEA, with the rises in global supply expected to considerably outpace demand growth, oil inventories are forecast to jump by an average of 720 kb/d this year and 930 kb/d next year, compared with a decline of 140 kb/d in 2024. This, IEA notes, sets the stage for a further rebalancing of supply
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