The International Energy Agency (IEA) has revised its forecast for China's oil demand, predicting that it will peak in 2027 at approximately 16.95 million barrels per day (bpd) before declining slightly to 16.66 million bpd by 2030. This peak is expected to occur sooner than previously anticipated. Concurrently, the IEA has lowered its global oil demand growth forecast for 2025 to around 700,000 bpd from an earlier estimate of 720,000 bpd, marking the lowest growth rate since 2009, excluding 2020. Despite this, global oil supply projections have been raised, with non-OPEC+ output expected to increase by 1.4 million bpd in 2024 and 940,000 bpd in 2025. Overall, global production capacity is projected to grow by 5.1 million bpd by 2030. The IEA also reported an increase in crude oil usage to meet summer travel demand in the Northern Hemisphere, boosting refinery throughput by 3.7 million bpd from May to August. In contrast, OPEC maintains a differing outlook, forecasting continued growth in global oil demand through at least 2050, projecting a 19% increase to 123 million bpd by that year, driven mainly by demand from India and Africa. OPEC+ also expects to increase its share of the global oil market to 52% by 2050. The Energy Information Administration (EIA) projects U.S. oil output at 13.37 million bpd for both 2025 and 2026, with world oil output forecasted at 104.6 million bpd in 2025 and 105.7 million bpd in 2026. Global oil demand is expected to reach 103.5 million bpd in 2025 and 104.6 million bpd in 2026 according to the EIA.