The International Energy Agency (IEA) predicts that global oil output will rise by 2.7 million barrels per day in 2025, compared to a previous estimate of 2.5 million bpd. The figure is expected to increase by 2.1 million barrels per day in 2021.
However, the outlook for supply is facing conflicting trends, with the possibility of fresh international penalties on Russia and Iran. The Organization of the Petroleum Exporting Countries and its allies, OPEC+, are assessing plans for elevated production.
China, the world’s largest oil importer, has continued to stockpile crude oil, keeping Brent crude futures slightly backward. The IEA warns that global oil demand remains largely unchanged, with growth of around 700,000 bpd expected for both 2025 and 2026.
