The Western world's energy organization International Energy Agency (IEA) is lowering its forecast for the demand for oil products in 2025. If the calculations are correct, there will be a certain surplus of oil globally, which can be assumed to put downward pressure on the oil price on the world market.
The demand for oil is expected to be 104 million barrels per day according to the new forecast.
Energy efficiency measures in Western industry and more electric vehicles are contributing to the forecast adjustment. At the same time, the IEA expects global growth to be weak despite leading central banks expected to lower interest rates next year.
This year, the demand for oil is expected to increase by 970,000 barrels per day, which is an upward revision from 960,000 barrels per day in the previous forecast.
But next year, the increase is expected to be 980,000 barrels per day, which can be compared to an earlier IEA forecast where the organization's experts expected an increase of 1 million barrels per day next year.
