World oil production is now projected to rise by 2.7 million barrels a day to 105.8 million barrels a day this year, and 2.1 million barrels a day to 107.9 million barrels a day next year.
Crude oil futures traded lower on Friday morning after the International Energy Agency’s (IEA) Oil Market Report for September indicated an increase in global oil supplies in the remaining months of 2025.
At 9.57 am on Friday, November Brent oil futures were at $65.88, down by 0.74 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $61.87, down by 0.80 per cent. September crude oil futures were trading at ₹5,473 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,529, down by 1.01 per cent, and October futures were trading at ₹5,471 against the previous close of ₹5,525, down by 0.98 per cent.
IEA’s report said that global oil supply inched up in August to a record 106.9 million barrels a day as OPEC+ (Organization of Petroleum Exporting Countries and its allies) continued unwinding output cuts and non-OPEC+ supply hovered near all-time highs.
World oil production is now projected to rise by 2.7 million barrels a day to 105.8 million barrels a day this year, and 2.1 million barrels a day to 107.9 million barrels a day next year, of which non-OPEC+ countries account for 1.4 million barrels a day and just over 1 million barrels a day, respectively, it said.
Meanwhile, OPEC’s monthly oil market report for September said that non-DoC liquids production (liquids production from countries not participating in the declaration of cooperation) is forecast to grow by about 0.8 million barrels a day, y-o-y, in 2025, unchanged from last month’s assessment.
The main growth drivers are expected to be the US, Brazil, Canada and Argentina. The non-DoC liquids production growth forecast for 2026 is also unchanged at 0.6 million barrels a day, y-o-y, with Brazil, Canada, the US, and Argentina as the main growth drivers.
IEA report said that world oil demand is forecast to increase by 7,40,000 barrels a day, y-o-y, in 2025, up marginally from last month’s report, with resilient deliveries in advanced economies contrasting with relatively muted consumption in emerging economies.
OPEC’s report said that the global oil demand growth forecast for 2025 remains at about 1.3 million barrels a day, y-o-y, unchanged from last month’s assessment. In 2026, global oil demand is forecast to grow by about 1.4 million barrels a day, y-o-y, also unchanged from last month’s assessment.
September natural gas futures were trading at ₹258.30 on MCX during the initial hour of trading on Friday against the previous close of ₹260.70, down by 0.92 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September guargum contracts were trading at ₹9,300 in the initial hour of trading on Friday against the previous close of ₹9,213, up by 0.94 per cent.
October turmeric (farmer polished) futures were trading at ₹12,526 on NCDEX in the initial hour of trading on Friday against the previous close of ₹12,592, down by 0.52 per cent.
Published on September 12, 2025