MOSCOW, April 20. /TASS/. Global oil demand grew by only 0.65 mln barrels per day (mbd), or 0.7%, in 2025 while supply rose by 3 mbd due to increased production in OPEC+ countries, as well as in North and South America, according to the International Energy Agency’s (IEA) Global Energy Review 2026 report.
Oil demand added 0.65 mbd (or 0.7%) last year, marking a further slowdown from the already moderate growth of 0.75 mbd in 2024, the agency noted.
"The increase in both years, which was in line with IEA projections, remained well below the average annual rise between 2010 and 2019 of 1.4 mbd. The slower increase mainly reflected weaker growth in petrochemical feedstocks," according to the report.
Specifically, oil demand growth slowed in the petrochemical sector, falling to 1.2% from 2.6% in 2024. At the same time, fuel consumption growth remained stable, the IEA said.
An additional factor supporting oil demand was a sustained decline in prices through 2025, averaging 15% below 2024 levels, due to a significant increase in supply, the agency added.