The International Energy Agency’s ‘Oil Market Report’ for November 2025 signals that global oil-demand growth is decelerating even as supply pressure remains tight. Published 13 November, the report highlights modest inventory draws, slower refining throughput and weaker consumption in key regions such as China and Europe. The agency points out that the shift may reflect structural changes in energy markets such as faster fuel economy gains, renewable uptake and slower transport volumes. For energy investors the message is that margins may remain under pressure and supply-side shock-risk may grow without corresponding demand-expansion.