IEA lowers global oil demand growth forecasts for 2025, 2026
Paris: The International Energy Agency (IEA) reduced its global oil demand growth forecast for this year (2025) to 720,000 barrels per day, down from the previous estimate of 740,000 barrels per day.
In its monthly report issued today, the IEA also lowered its 2025 demand growth forecast to 740,000 barrels per day, compared to the earlier projection of 760,000 barrels per day. The agency attributed these adjustments to anticipated economic challenges in the medium term.
Conversely, the IEA raised its global oil supply forecast, expecting an increase of 1.8 million barrels per day this year, up from the previous estimate of 1.6 million barrels per day.
The report indicates that oil supply will remain adequate in global markets this year, provided there are no major disruptions.
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Times of Oman
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- Times of Oman
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Times of Oman
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Visit will help India find favourable FTA with EU: Envoy Goel on PM's visit to Croatia
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In an era when energy independence equates to geopolitical influence, green hydrogen presents Oman with a chance to move from energy supplier to strategic architect on the global stage. Globally, green hydrogen momentum is building at unprecedented speed. The International Energy Agency (IEA) estimates that global electrolyser capacity could reach between 134 and 850 gigawatts by 2030, with up to 8 million tonnes of hydrogen produced annually. Germany has pledged €9 billion to establish 5 GW of domestic electrolyser capacity. Japan has earmarked $21 billion over 15 years in subsidies. Meanwhile, Australia's Western Renewable Energy Hub envisions up to 26 GW of combined solar and wind dedicated to green hydrogen and ammonia export. Saudi Arabia's $8.4 billion NEOM project plans to deliver 1.2 million tonnes of green ammonia annually by 2026 using 3.9 GW of renewable capacity. For Oman, this transition is not just about sustainability. It's a strategic leap one that can reshape the national economy and redefine the country's place in global energy geopolitics. With abundant solar radiation, expansive wind corridors, promising government policies, and world-class port infrastructure, Oman offers an unrivaled combination of natural and logistical assets. Oman, however, is not simply following this trend it is writing its own chapter. Under Vision 2040 and its National Energy Strategy, the country aims to generate 30% of its electricity from renewables by 2030. Established in 2022, Hydrogen Oman (Hydrom) oversees the licensing, policy frameworks, land auctions, and infrastructure required to scale up the hydrogen economy. By early 2024, Hydrom had signed six landmark agreements around the ports of Duqm and Salalah, partnering with major global firms such as BP, ACME, Uniper-DEME (Hyport Duqm), EDF-JPower-Yamna, ACTIS-Fortescue, Green Energy Oman, and Marubeni Samsung. These deals, which represent approximately 15 GW of planned renewable capacity, are expected to produce over 700,000 tonnes of green hydrogen and draw nearly $20 billion in investment. Time is of the essence. As countries advance toward 2050 net-zero commitments, Oman's natural endowment and control over key maritime routes position it to seize a narrowing window of opportunity. Green hydrogen's promise lies not only in its environmental credentials produced via renewable-powered electrolysis with zero emissions but in its remarkable versatility. Unlike grey hydrogen, which emits greenhouse gases, or blue hydrogen, which depends on still-unproven carbon capture technologies, green hydrogen has the unique ability to decarbonise hard-to-abate sectors like steel manufacturing, aviation, maritime shipping, road transport, fertiliser production and large-scale renewable energy storage. 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Guided by Vision 2040 and powered by its renewable wealth, Oman is no longer just entering the hydrogen race; it is helping define it.
