Demand is rising fast, but prices won’t follow just yet
The International Energy Agency’s (IEA) latest oil-market report suggests the fundamentals are turning, led by demand
Oil consumers are responding to low oil prices the way economists say they ought to -- and it might mean the market has found its bottom. The International Energy Agency’s (IEA) latest oil-market report suggests the fundamentals are turning, led by demand. It will rise this year by 1.6m barrels/day, to 94.2m, a sharp upwards revision from last month’s report of 300,000 b/d. Consumption will grow in 2015 by more than twice the pace of 2014. The new numbers reflect more health in the global economy, but also the response of consumers to low prices, thinks the IEA. In the US, gasoline demand is near a record high. Chinese, Brazilian and even Russian demand estimates have been adjusted up. Price
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
