MOSCOW, March 13. /TASS/. Global oil demand is expected to grow by 1 mln barrels per day (mbd) on average in 2025, up from 830,000 barrels per day (bpd) in 2024, the International Energy Agency (IEA) reported. Consequently, the outlook has been downgraded by 100,000 bpd compared with the previous estimate.

The growth outlook has been downgraded amid uncertain macroeconomic prospects in the first place, the agency noted. It has also downgraded its outlook on growth of oil demand for Q1 2025 to 1.2 mbd, mainly on developing markets.

In absolute terms oil demand is expected to reach almost 103.9 mln bpd this year, the IEA said.

The agency has also downgraded its demand growth projection for 2024 to 830,000 bpd from 870,000 bpd.

World oil reserves fell by 40.5 mln barrels in January to slightly over 7.6 bln barrels. Commercial crude stockpiles in OECD countries also continued decreasing - by 45.3 mln barrels to 2.762 bln barrels, which is 83.8 mln barrels lower than the average level over the past five years.