Global Oil Demand to Grow by 5.7 Mln Barrels Per Day in 2019-25: IEA
Paris – The global oil demand is expected so see an increase of 5.7 million barrels per day (mb/d) between 2019 and 2025, according to a forecast by the International Energy Agency (IEA).
“Between 2019 and 2025, global oil demand is expected to grow at an average annual rate of just below 1 million barrels a day. Over the period as whole, demand rises by a total of 5.7 million barrels a day, with China and India accounting for about half of the growth,” the IEA said in a press release.
“At the same time, the world’s oil production capacity is expected to rise by 5.9 million barrels a day, with more than three-quarters of it coming from non-OPEC producers, the report forecasts,” it added.
The IEA also said that the overall non-OPEC oil supply will rise by 4.5 mb/d reaching 69.5 mb/d by 2025, adding that despite the COVID-19 outbreak, the growth will resume the next year.
“Following a difficult start in 2020 (-90 kb/d [thousand barrels per day]) due to the coronavirus, growth rebounds to 2.1 mb/d in 2021 and decelerates to 800 kb/d by 2025 as transport fuels demand growth stagnates,” the agency added.