SEATTLE (Oil Monster): According to the International Energy Agency's (IEA) September 2025 Oil Market Report, global oil demand is expected to increase this year on an annual basis. Compared to the forecast for the previous month, this is slightly higher.
In the first half of 2025, the OECD's annual rise in oil demand of 80 kb/d was higher than anticipated, according to the IEA. But for the rest of the year, the agency predicts a decline in demand. Consequently, it is anticipated that the annual use of oil will be relatively constant in 2025.
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IEA: Global Oil Supply Growth to Accelerate in 2025
The global oil supply reached a new record of 106.9 mb/d in August thanks to the relaxation of output curbs by OPEC+ countries and almost record-high deliveries from non-OPEC countries. According to the report, the global oil output is now expected to increase by 2.7 mb/d to 105.8 mb/d this year and 2.1 mb/d to 107.9 mb/d next year.
Refinery crude throughputs increased by 400 kb/d to a record 85.1 mb/d in August, according to the IEA. Crude oil throughputs from refineries worldwide are expected to average 83.5 mb/d in 2025 and 84 mb/d in 2026.
For the sixth consecutive month, the observed global oil stockpiles increased by 26.5 mb in July. Additionally, inventories continued to be 67 mb lower than the five-year average.
