In its September report released Thursday, the agency raised its forecast for global oil demand growth to 740,000 barrels per day (bpd), up from its previous estimate of 680,000 bpd.
Global oil production is currently expected to rise by 2.7 million bpd to 105.8 million bpd this year and by 2.1 million bpd to 107.9 million bpd next year.
The agency reported that global inventories rose by 26.5 million bpd in July, bringing the year-to-date increase to 187 million bpd. However, they remain about 67 million bpd below the five-year average, despite significant stockpiling in China in recent months.
The IEA emphasized that any developments in sanctions or geopolitical conflicts could reshape market balances, making price and supply forecasts highly volatile in the coming period
