IEA Downgrades Global Oil Demand Growth Forecast

According to the EA's Oil Market Report, global demand is expected to increase by approximately 710,000 barrels per day this year compared to last year, reaching 103.84 million barrels per day. The previous report projected this increase to be around 740,000 barrels per day.

Challenging macroeconomic conditions and the electrification of transportation are cited as the main reasons for the slowdown in the growth rate of oil consumption.

It is estimated that demand will decrease by 30,000 barrels per day compared to the previous year, reaching 45,810,000 barrels per day in the OECD region, and increase by 740,000 barrels per day, reaching 58,030,000 barrels per day in non-OECD countries.

Global oil demand is expected to reach 104.54 million barrels per day in 2026, an increase of 700 thousand barrels per day compared to this year.

Global oil supply increased in September

On the other hand, global oil supply increased by 760,000 barrels per day in September, reaching 108 million barrels.

This increase was driven by the 1 million barrel per day increase in production by the OPEC+ group, which consists of OPEC and some non-OPEC producer countries, led by the Middle East.

During the same period, the OPEC group's crude oil supply increased by approximately 860 thousand barrels per day compared to the previous month, reaching 35.08 million barrels.

During the same period, the daily oil production of non-OPEC countries decreased by approximately 110,000 barrels per day to 72,920,000 barrels.

Global oil supply is expected to increase by 3 million barrels per day this year, reaching 106.1 million barrels per day, and to exceed this level by 2.4 million barrels per day next year.

According to the current production agreement, OPEC+ countries are planned to produce an additional 1.4 million barrels this year and 1.2 million barrels next year.

Global oil supply is estimated to be 105 million 800 thousand barrels per day this year and 107 million 900 thousand barrels per day next year.

Reporter: Gazete Enerji