50.24$US/1 Barrel
58.30$US/1 Barrel
53.70$US/1 Barrel
70.77$US/1 Barrel
75.61$US/1 Barrel
75.71$US/1 Barrel
77.66$US/1 Barrel
68.98$US/1 Barrel
68.83$US/1 Barrel
67.03$US/1 Barrel
51.81$US/1 Barrel
57.57$US/1 Barrel
55.28$US/1 Barrel
62.57$US/1 Barrel
64.72$US/1 Barrel
60.50$US/1 Barrel
62.00$US/1 Barrel
54.25$US/1 Barrel
59.25$US/1 Barrel
60.75$US/1 Barrel
485.00$US/MT
378.00$US/MT
705.00$US/MT
585.00$US/MT
508.00$US/MT
467.00$US/MT
368.00$US/MT
395.25$US/MT
678.00$US/MT
832.75$US/MT
SEATTLE (Oil Monster): The International Energy Agency (IEA) stated that world oil demand growth is forecast to witness a jump of 700 kb/d during the current year. This is the lowest rate since 2009, with the exception of 2020, when Covid-19 pandemic had badly hit market trends.
The annual growth recorded sharp decline from 11 mb/d in the first quarter of the current year to just 550 kb/d in Q2 2025, mainly due to lacklustre consumption in emerging markets. Meanwhile, IEA expects the global oil demand to expand by 720 kb/d to reach 1044 mb/d in 2026.
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The global oil supply saw sharp increase in June this year, led by boosted output from Saudi Arabia. The output posted year-on-year growth of 2.9 mb/d, with OPEC countries accounting for 1.9 mb/d. The world oil supply is projected to increase by 2.1 mb/d to 105.1 mb/d this year, followed by an additional increase of 1.3 mb/d in 2026.
The observed oil inventories surged by 73.9 mb to 7,818 mb in May this year. As per preliminary data, the global oil stocks rose further in June.
The benchmark crude oil prices rose by nearly $7/bbl in June. The prices soared in mid-June, following Israeli air strikes on Iran’s military and nuclear targets. However, the prices returned to pre-conflict levels following the ceasefire agreement between the two nations. The price indicators suggest to a tighter physical oil market, IEA said.