Doha: The International Energy Agency has predicted that global oil demand will grow by 860,000 barrels per day (bpd) next year, an increase of 90,000 bpd, compared to an estimated 830,000 bpd growth this year.

According to Qatar News Agency, the IEA's oil market report released Monday indicates that demand for gasoline and jet fuel will account for about half of the total growth in oil demand. This comes as the demand for petroleum fuels declines in favor of solar energy and natural gas for electricity generation.

Furthermore, the IEA expects that the petrochemical sector will continue to drive oil demand, with its share of total oil consumption rising to 60 percent next year, compared to 40 percent this year.

In contrast, global oil supply fell by 610,000 bpd in November, continuing its decline from a record high of 109 million bpd in September. The global oil supply growth has also decreased by 100,000 barrels per day to 3 million barrels per day for 2025, and by 20,000 barrels per day for 2026.