The International Energy Agency (IEA) has raised its forecast for global oil demand growth in 2025 to 737,000 barrels per day. A month earlier, the agency had projected an increase of 685,000 barrels per day, meaning the estimate has been revised upward by 52,000 barrels, according to the organization’s report. Global oil production reached a record 106.9 million barrels per day in August, as OPEC+ continued to lift production restrictions and output from non-OPEC+ countries approached record levels.

On the other hand, OPEC maintained its forecast for oil demand growth in 2025 at 1.29 million barrels per day (b/d) and for 2026 at 1.38 million b/d, according to the organization’s monthly report. In its latest report, the organization’s experts did not revise the overall oil demand forecasts, keeping them at 103.84 million b/d for 2024, 105.14 million b/d for 2025, and 106.52 million b/d for 2026.

Last week, eight leading OPEC+ countries agreed to increase production by 137,000 barrels per day (b/d) from the September level of 1.65 million b/d, which had been announced in April 2023.

According to the OPEC statement, Russia, excluding its compensation plan, will be able to raise oil production to 9.4 million barrels per day in September; Saudi Arabia — to 10.02 million; Kazakhstan — to 1.5 million; and Iraq — to 4.2 million. However, this plan does not take into account the compensation schedule for previously allowed overproduction, under which the eight OPEC+ countries are required to produce less each month.

The next meeting of the eight countries is scheduled for October 5, 2025.