Overview

• The IEA projects global oil demand growth to average 740,000 barrels per day in 2025, with a slowdown to 650,000 bpd expected for the remainder of the year.
• Record electric vehicle sales and economic uncertainties are key factors behind the reduced demand growth forecast.
• Global oil supply is anticipated to grow by 1.6 million bpd in 2025, driven predominantly by Saudi Arabia's increased output.
• Oil inventories are forecast to rise significantly, averaging builds of 720,000 bpd in 2025, reversing last year’s stock declines.
• OPEC+ has approved a second consecutive monthly production increase for June, while U.S. shale output projections have been reduced due to lower prices.