IEA: Asia to Account for 60% of Global Oil Demand Growth

SEATTLE (Oil Monster): The International Energy Agency (IEA) projects that the world's oil consumption will increase to 103.9 million barrels per day (mb/d) in 2025, which is a substantial increase over the 830,000 barrels per day (kb/d) gain that was observed the year before. Nearly 60% of the anticipated demand growth is expected to come from the Asian region, with China leading the way.

According to the IEA, OPEC+ nations were mostly responsible for the 240 kb/d increase in world oil supply in February of this year, which reached 103.3 mb/d. Kazakhstan's output surged as a result of the Tengiz field expansion, reaching an all-time high. Prior to sanctions, Iran and Venezuela saw a significant boost in output.

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The United States, Canada, Brazil, and Guyana are expected to lead the OPEC+ oil production, which is expected to expand by 1.5 mb/d this year. Although the tariffs will probably affect oil flows, the United States is currently producing at historic levels. Additionally, OPEC+ countries may achieve stable output if voluntary production curbs are extended into April 2025.

In January 2025, there was a 40.5 million barrel drop in the world's oil reserves. While OECD stocks slightly increased by 11.2 mb, non-OECD crude stockpiles decreased by 45.3 mb.