# The International Energy Agency’s July report indicates that global oil demand growth will rise by just 700-thousand barrels per day in 2025. This is slowest pace since 2009, in contrast with June global oil supply surge by 950-thousand barrels, reaching 105.6-million barrels per day. The report indicated that refinery activity is also climbing, while China and the US have seen major inventory builds. Despite an oversupplied market, rising geopolitical tensions and summer travel have tightened short-term balances, briefly pushing oil prices above one-thousand-400-rand a barrel.
International Energy Agency reveals July global oil demand growth hits 16-year low