Global oil supply increased by 950,000 barrels per day month on month to 105.6 million barrels per day in June

The International Energy Agency has once again lowered its forecast for growth in global oil demand for 2025 by 20,000 barrels per day to 700,000 barrels per day. The agency has also lowered its forecast for growth in global oil demand for 2026 to 720,000 barrels per day from 740,000 barrels per day in its previous forecast.

The Paris-based autonomous intergovernmental organisation expects world oil supply to rise by 2.1 million barrels per day to 105.1 million barrels per day in 2025 and by an additional 1.3 million barrels per day to 106.4 million barrels per day in 2026, led by growth in nations outside the Organization of the Petroleum Exporting Countries and its allies. Countries outside the cartel are expected to add 1.4 million barrels per day of supply this year and 940,000 barrels per day in 2026.

Global oil supply increased by 950,000 barrels per day month on month to 105.6 million barrels per day in June, led by Saudi Arabia. Oil supply in June rose by 2.9 million barrels per day year on year, of which OPEC and allies accounted for 1.9 million barrels per day. 

Despite forecasts of a hefty surplus in the oil market, the agency said increasing refinery runs to meet the northern hemisphere's summer travel demand were tightening supply in the global oil market.