The International Energy Agency (IEA) estimated on Thursday that the global oil demand will grow by 740,000 barrels per day (bpd) in 2025, up from a forecast of 680,000 bpd in its previous monthly report. The demand growth projection for 2026 was left unchanged at 700,000 bpd. Meanwhile, oil supply is seen rising by 2.7 million bpd in 2025 after OPEC+ decided to increase production by 137,000 bpd in October. However, the IEA estimated the September-October OPEC+ output will add around 40,000 bpd due to some members reaching the limit of their capacity. The agency warned that the oil market is affected by several factors, “with the potential for supply losses stemming from new sanctions on Russia and Iran coming against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances.”