IEA sees 2025 oil market in supply surplus

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.

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 quarter.