Latest news with #supplygrowth
Bloomberg
09-07-2025
- Business
- Bloomberg
Middle East Oil Giants Say OPEC+'s Supply Surprise Needed by Market
Senior officials from three of OPEC's core producer nations — Saudi Arabia, the United Arab Emirates, and Kuwait — lined up on Wednesday to say that the super-sized addition of supply by the producer club at the weekend was needed by the global market. Oil prices eked out gains this week, a sign that the market has largely shrugged off the larger-than-expected output hike announced on Saturday by the Organization of the Petroleum Exporting Countries and allies. Despite the current tightness, forecasters are pointing out that supply growth is at risk of outpacing demand later in the year.
Zawya
17-06-2025
- Business
- Zawya
World oil market looks well supplied in 2025, IEA says
LONDON- The world oil market looks well supplied this year in the absence of a major disruption, the International Energy Agency said on Tuesday, as it raised its forecast for supply growth while trimming that for demand. In a monthly report, the IEA said world oil demand will rise by 720,000 barrels per day this year, down 20,000 bpd from last month's forecast, while supply will increase by 1.8 million bpd, up 200,000 bpd from last month's estimate. "In the absence of a major disruption, oil markets in 2025 look well supplied," the agency said in a commentary on the market impact of Iran's conflict with Israel. (Reporting by Alex Lawler and Enes Tunagur, Editing by Barbara Lewis)
Wall Street Journal
16-06-2025
- Business
- Wall Street Journal
OPEC Sees Lower Supply Growth From Rivals, Keeps Demand Outlook Steady
The Organization of the Petroleum Exporting Countries trimmed next year's forecast for supply growth from the U.S. and other rivals while keeping its oil demand expectations unchanged as it continues to ramp up production. The Vienna-based cartel expects supply from producers outside of the wider OPEC+ alliance to rise by 730,000 barrels a day in 2026, down from 800,000 barrels a day previously. U.S. oil output is projected to grow by 210,000 barrels a day, compared with previous expectations of a 280,000 barrels-a-day increase, reflecting lower capital spending and a slowdown in drilling activity.
