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The oil market could see a surplus of one million barrels of crude a day in 2025, the IEA forecast. The excess will be driven by low demand in China and booming output from non-OPEC countries.
NEW YORK (Reuters) -Oil prices settled close to unchanged on Thursday, pressured by a forecast for ample supply in the oil market but supported by rising expectations of a Federal Reserve interest ...
The IEA also forecast growth in global oil demand to “slow progressively” over the rest of the decade, with demand peaking by 2029 before contracting slightly the year after.
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The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization, established in 1974, that provides policy recommendations, analysis and data on the global energy sector. [3] The 31 member countries and 13 [4] association countries of the IEA represent 75% of global energy demand. [1]
The International Energy Agency (IEA) was formed in the wake of this crisis and currently comprises 31 member countries. [ 44 ] [ 45 ] According to the IEA, approximately 4.1 billion barrels (650,000,000 m 3 ) of oil are held in strategic reserves by the member countries, of which 1.4 billion barrels (220,000,000 m 3 ) is government-controlled.
Meanwhile, the International Energy Agency said world oil demand was on track to expand just shy of 900,000 barrels per day, and almost 1 million barrels per day in 2025, "marking a sharp slowdown ...
Iranian oil minister Javad Owji said if U.S.-led sanctions on Iran's oil and gas industry are lifted, Iran will have every capability to tackle the global energy crisis. [63] [64] The Biden administration was pressed on potential oil deals with Saudi Arabia, Venezuela, and Iran that would have them increase their oil production. [65]