IEA Projection: Global Oil Supply to Outpace Demand Until 2030

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Adi Ahdiat 25/06/2025 16:30 WIB

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According to the IEA projection, global oil supply will exceed demand for several years to come.

World Oil Supply and Demand Projections (2024-2030)*

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IEA Projection: Global Oil Supply to Outpace Demand Until 2030

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World Oil Supply and Demand Projections (2024-2030)*

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Global oil supply is projected to exceed demand for several years to come. This projection was made by the International Energy Agency (IEA) in its report Oil 2025: Analysis and forecast to 2030.

According to IEA data, the total volume of global oil supply in 2024 will reach 103.1 million barrels per day, 0.1 million barrels more than the demand of 103 million barrels per day.

The IEA further projects that the supply of this commodity will grow faster than demand.

In 2030, the total volume of global oil supply is predicted to be 107.2 million barrels per day, an increase of 4.1 million barrels compared to 2024.

Meanwhile, the total volume of demand in 2030 is projected to be 105.5 million barrels per day, an increase of only 2.5 million barrels compared to 2024.

"If OPEC+ crude oil supply is sustained at current rates, all else being equal, global oil supply would rise to 107.2 mb/d by 2030, 1.7 mb/d higher than projected demand, suggesting prices would have to drop to prevent an untenable stock build," the IEA stated in its report.

However, the IEA stated that this projection is clouded by uncertainty, particularly due to the dynamics of international trade policies and conflicts in the Middle East.

"Heightened geopolitical risks, unresolved trade tensions, and policy shifts have added myriad uncertainties to the oil market outlook," said the IEA.

"With conflicts in the Middle East region at risk of intensifying and trade negotiations ongoing, uncertainties surrounding our forecasts are substantial," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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IEA Projection: Global Oil Supply to Outpace Demand Until 2030

IEA Projection: Global Oil Supply to Outpace Demand Until 2030

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IEA Projection: Global Oil Supply to Outpace Demand Until 2030

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