Market Speak: EIA sees strong non-opec+ supply surge; trims demand outlook
08-May-2025
15:36
The US EIA's May STEO projects global liquid fuels production to rise by 1.3'1.4 million b/d in both 2025 and 2026, led by robust growth from non-OPEC+ countries like the US, Canada, Brazil, and Guyana. OPEC+ is expected to add just 0.1 million b/d in 2025 before ramping up to 0.6 million b/d in 2026, still staying below its target path. On the demand side, EIA trimmed its forecast, expecting global consumption to rise by 1.0 million b/d in 2025 and 0.9 million b/d in 2026'lower than its January outlook. India and China remain key demand drivers, led by increased transportation fuel use.
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