International Energy Agency

November 13, 2025 3:20 PM

IEA sees global oil supply growth driving larger market glut

The International Energy Agency (IEA) raised its global oil supply growth forecasts for this year and next in its monthly oil market report on Thursday, signalling a deeper surplus in 2026. "Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards," the IEA said. The agency expects global oil supply to grow by around 3.1 million barrels per day (bpd) in 2025 now, and 2.5 million bpd next ye...

November 12, 2025 11:43 AM

World oil and gas demand could grow until 2050, IEA says

Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from its previous expectations of a speedy transition to cleaner fuels and predicting that the world will likely fail to achieve climate goals. The IEA, the West's energy security watchdog, has been under pressure from the U.S. for a shift in recent years toward a focus on clean energy policies as President Donald Trump called on American companies to further expand oil and gas producti...

January 28, 2025 4:46 PM

Rising exports and expanding refining capacity boost India’s petroleum industry

India has experienced a surge in petroleum product exports over the past decade, with its refining capacity now exceeding 250 million metric tonnes per annum (MMTPA), enabling the country to meet global demand, according to a press release from the Ministry of Petroleum & Natural Gas. India ranks among the top five refining nations globally and is the seventh-largest exporter of refined petroleum products, the statement added. Historical Growth and Industry Expansion India’s petroleum i...

October 16, 2024 9:04 PM

‘Age of electricity’ to follow looming fossil fuel peak, IEA says

The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency said on Wednesday. But in a release accompanying its annual World Energy Outlook report, the agency also flagged a high level of uncertainty as conflicts embroil the oil and gas-producing Middle East and Russia and as countries representing half of global energy demand ha...

September 12, 2024 3:13 PM

IEA cuts 2024 oil demand growth forecast on China slowdown

The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report on Thursday, The Paris-based agency cited a slowdown in Chinese demand as the main driver of weaker global demand growth. It now expects Chinese demand to grow by only 180,000 bpd in 2024 as a broader macroeconomic slowdown coincides with a higher uptake of electric vehicles. "With the steam seemingly running ...

June 3, 2024 4:31 PM

OPEC+ extends oil output cuts into 2025

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies. The Organization of the ...