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Source: https://www.iea.org/product/download/020479-000287-020212

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Profile image for Roy Harvey

Rick, The data above appears to be for OECD, not the entire world. IEA and EIA both project growth this year, per the two stories below.

LONDON, May 15 (Reuters) - World oil supply will rise more rapidly than previously expected this year as Saudi Arabia and other OPEC+ members unwind output cuts, the International Energy Agency (IEA) said on Thursday, despite a lower forecast from U.S. shale producers. The IEA expects global supply to rise by 1.6 million barrels per day this year, up 380,000 bpd from the previous forecast, the agency, which advises industrialised countries, said in a monthly report.

May 15, 2025 EIA forecasts world oil consumption growth to slow amid less economic activity [but still grow in 2025 and 2026] Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), May 2025, and Oxford Economics

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Profile image for Rick Clemenzi

@Roy Harvey -- Thanks you're right, that stat is OECD only. But it is still a major milestone for the democratic free market nations that has been a long time in coming, and shows that the policies at least up to now are having an impact.

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