In its monthly oil market report published on Tuesday, the International Energy Agency (IEA) cut the 2025 world oil demand growth forecast to 730k barrels per day (b/d) from 1.03 million b/d.

Additional takeaways

  • 2026 world oil demand growth forecast seen at 690k b/d.
  • Global oil supply rose in March by 910k b/d YoY to 103.61
  • Non-OPEC+ accounted for 890k b/d of March supply increase.
  • Global 2026 oil supply to add 950k b/d, exceeding demand.
  • Non-OPEC+ to add 1.3m b/d in 2025 to 54.4m, led by US
  • Non-OPEC+ supply seen robust in 2026 adding 920k b/d.
  • OPEC March crude output fell 150k b/d to 41.6m b/d.

Market reaction

Following the downbeat report, WTI remains 0.16% lower on the day near $61.

(This story was corrected on April 15 at 09:31 GMT to say that "In its monthly oil market report published on Tuesday," not Thursday.)

Source: Fxstreet