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
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector
