ANKARA: The International Energy Agency (IEA) has downgraded its forecast for the global oil production growth in 2025 by 26,000 barrels per day to 1.24 million barrels per day and expects it at the level of 104.25 million barrels per day, according to its fresh report released on Tuesday.
According to Namibia Press Agency, global oil production will increase by 1.24 million barrels per day year-on-year to 104.25 million, the report said.
The agency has lowered the forecast of the growth of oil demand in the world for the current year by 300,000 barrels per day to 730,000 barrels due to the escalation of foreign trade tensions, and now expects it at the level of 103.54 million barrels per day, the report added.