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Oil is getting cheaper amid lower demand forecast from the IEA


August, 13 2025
watermark Economic news

On Wednesday afternoon, oil prices moved lower after the International Energy Agency lowered its forecast for global demand. October futures for Brent on ICE decreased by $0.36 (0.54%) to $65.76 per barrel, September WTI on NYMEX – by $0.46 (0.73%) to $62.71.


The IEA now expects global oil demand to grow by 685 thousand b/d in 2025 against the July estimate of 704 thousand b/d. At the same time, the supply forecast was increased by 370 thousand b/d to 105.5 million b/d, mainly due to the revision of OPEC+ production to 50.9 million b/d.


The market is also waiting for a meeting between Donald Trump and Vladimir Putin on Friday in Alaska, which, according to analysts, reduces the likelihood of new sanctions against the Russian oil industry.


According to API data, oil reserves in the United States increased by 1.5 million barrels in a week. The US Department of Energy will publish an official report in the evening; analysts predict a decrease of 300 thousand barrels.



    






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