LONDON: The world’s demand for oil will fall short of supply by more than 1 million barrels per day (bpd) in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said in its monthly oil market report on Thursday.
The Paris-based agency left its 2025 oil demand growth forecast little-changed on the month, expecting oil demand to rise by 990,000 bpd next year.
IEA sees oil surplus looming, reassures on Iran supply risk
Waning Chinese demand continues to weigh on global oil demand growth. The IEA saw China’s third-quarter consumption 270,000 bpd below the same period for 2023 after six-straight months of contractions up to September.
The IEA also made a slight upward adjustment to its 2024 oil demand growth forecast, up by 60,000 bpd on the month to 920,000 bpd, on higher-than-expected gasoil demand in OECD countries in the third quartr.
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