The International Energy Agency’s forecasts for global oil supply at the end of 2025 and for 2026 were raised to 3.1 million and 2.5 million barrels per day, respectively.

This is reflected in the IEA’s recent report on this market, confirming the increase in its forecasts for both periods regarding global supply.

The agency “notes that in 2026, total oil supply will be 4.09 million barrels per day higher than total demand, compared to an implied surplus of 3.97 million barrels per day in its last monthly report.”

Furthermore, it emphasized the market imbalance, arguing that “global oil supply continues to increase while oil demand growth remains modest compared to historical standards.”

Regarding which countries will be at the top of global growth by the end of 2025, it mentioned the United States, China, and Nigeria.

M.Pino

Source: elperiodicodelaenergia

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Brazil has formalized its application to become a member of the International Energy Agency (IEA), an organization that “brings together the major energy consumers of the developed world,” the OECD-affiliated body announced.

According to media reports, Brazilian Ambassador Sarquis J.B. Sarquis made the request to IEA Executive Director Fatih Birol, presenting a letter from Foreign Minister Mauro Vieira and Minister of Mines and Energy Alexandre Silveira.

Brazil wants to expedite the process for its acceptance, and in this regard, the two ministers from the South American country highlighted “the collaboration that their country maintains with the agency, which has significantly contributed to the advancement of energy policies in Brazil over the years.”

Both officials emphasize Brazil’s importance as a net oil exporter, “with a diversified energy mix and its growing leadership role in the use of clean and renewable sources, it will further contribute to the work of the IEA and to international cooperation in the energy sector.”

Brazil’s desire to become a member of the IEA represents a major step forward for international governance after years of close cooperation in energy matters. According to the agency, it is the largest country in Latin America by population (210 million) and a “major producer and exporter of oil,” characteristics that are significant in terms of international energy security and the energy transition.

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Source: elperiodicodelaenergia

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The International Energy Agency (IEA) estimates that oil demand will continue to rise. In this context, production is expected to continue at this upward pace, reaching 5.8 million barrels per day, with a quarter coming from Argentina, Brazil, and Guyana.

According to the agency, global oil production will increase this decade due to demand for the product, “although it may seem counterintuitive in the midst of the climate change crisis affecting the world.”

In this oil boom, countries like Venezuela, Ecuador, Mexico, and Colombia would be displaced by other emerging countries: Brazil, Guyana, and, to a lesser extent, Argentina, which are emerging as leaders in “a new chapter in the region’s oil production.”

In Guyana’s case, it entered the oil market in 2015, when “the US oil giant ExxonMobil discovered the first of its proven crude oil reserves, estimated at around 11 billion barrels, in the depths of the Atlantic Ocean.” According to the IEA, the country, once the poorest in the region, would surpass Kuwait.

For its part, Brazil is also gaining strength from underwater discoveries. “Under three kilometers of water and five more kilometers of rock and salt, the country extracts crude oil from one of the largest offshore oil fields in the world.” These discoveries made the country the largest oil producer in Latin America in 2017.

According to the IEA, Argentina would rank third in the new regional oil boom, taking into account the gigantic Vaca Muerta field in the northwest of the country, which has the “second-largest shale gas resources in the world and the fourth-largest shale oil resources.”

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Source: sela.org

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According to the International Energy Agency (IEA) oil supply forecasts for 2025, the figures will be favorable.

Despite the impact on the sector of low demand from China, the agency “increased its forecast for growth in global oil demand for 2025 to 1.1 million barrels per day, from 990,000 bpd” in November.

This measure is in addition to the three-month delay, until April of this year, by OPEC+ in the start of the increase in oil production and extended by one year, until the end of 2026.

For 2025, the IEA’s outlook “points to an excess supply of 950,000 barrels of oil per day, even excluding the return to higher production quotas.”

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Source: larepublica.co

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