The world oil market will be comfortably supplied in 2025, the International Energy Agency said on Thursday, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast.
Still, the IEA increased its 2025 global oil demand growth forecast to 1.1 million barrels per day from 990,000 bpd last month, “largely in Asian countries due to the impact of China’s recent stimulus measures,” it said in its monthly oil market report. “The relatively subdued pace of global oil demand growth is set to continue in 2025, accelerating only modestly,” the IEA said, saying also that the market was “looking comfortably supplied.”
The IEA said, even excluding the return to higher output quotas, its current outlook points to a 950,000 bpd supply overhang next year – almost 1 per cent of world supply. This would rise to 1.4 million bpd if OPEC+ goes ahead with its plan to start unwinding cuts from the end of next March, it said.