MOSCOW, December 11. /TASS/. The International Energy Agency (IEA) has lowered its forecast for global oil supply growth in 2025 by 100,000 barrels per day (bpd), according to the organization's report. The agency expects oil supply to increase by 3 million bpd in 2025, to 106.2 million bpd.

The forecast for global oil supply in 2026 has also been lowered by 100,000 bpd. As a result, global oil supply next year will increase by 2.4 million bpd, to 108.6 million bpd.

Meanwhile, in November, total oil supply on the market fell by 610,000 bpd to 107.5 million bpd due to lower production in Russia, Venezuela, and Brazil, the agency noted.

Non-OPEC+ supplies fell by 260,000 bpd due to lower production in Brazil. Total OPEC+ production decreased by 350,000 bpd compared to the previous month, with increased production in Saudi Arabia and Kazakhstan partially mitigating this decline, the IEA noted.