Global oil supply to rise faster than expected
According to the international economics desk of Webangah News Agency, citing Tasnim News Agency and Reuters, the International Energy Agency stated that due to increased oil production from Saudi Arabia and other OPEC+ alliance members, the growth in global oil supply this year will be faster than expected.
The agency expects global supply to rise by 1.6 million barrels per day this year—380,000 barrels per day above its earlier projection.
The OPEC+ alliance has agreed to accelerate its production increase in May and June ahead of the initially planned schedule. The additional oil supply, coupled with concerns over Donald Trump’s tariff proposals, has driven oil prices this month to their lowest level in the past four months.
Saudi Arabia’s oil revenues plummeted with falling prices
The International Energy Agency (IEA) has revised its forecast for global oil demand in the current calendar year downward to just 20,000 barrels per day, while announcing an increase of 740,000 barrels per day. This agency expects demand growth to slow further by the end of the year, reaching 650,000 barrels per day. This figure was 990,000 barrels per day in the first quarter.
The IEA’s monthly report cites economic challenges and high inflation as key factors suppressing oil demand. The agency predicts global oil demand will average 103.9 million barrels per day in 2025—slightly higher than last month’s estimate of 103.54 million.
Despite these adjustments, the IEA noted minimal changes in global supply availability, stabilizing at around 730,000 barrels per day, marginally below last month’s reported 710,000 barrels.
The average electricity demand in the next Iranian calendar year is projected to reach 760 thousand megawatts per day during peak hours, while supply capacity is expected to be 970 thousand megawatts per day, indicating a surplus in supply.
The International Energy Agency (IEA) reported that global sales of electric vehicles in the current Gregorian year will exceed 20 million units, representing nearly one-fifth of total car sales worldwide.
