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OIL: IEA Cuts 2025 Oil Surplus with Demand Growth at 1.1mb/d

OIL
BulletEnergy BulletsCommodities

Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024 with China still the largest share of growth despite falling to 19%, according to the IEA Monthly Oil Report.

  • India and other emerging Asian economies are increasing share while OECD demand is forecast to return to structural decline.
  • Global oil supply is set to increase by 1.6 mb/d to 104.5 mb/d in 2025, driven by non-OPEC+ producers if OPEC+ voluntary cuts remain in place.
  • World oil supply fell 950 kb/d to 102.7 mb/d in January, as weather hit North American supply adding to declines in Nigeria and Libya.
  • Global crude runs are forecast to average 83.3 mb/d this year although fell by 1 mb/d to 82.9 mb/d in January amid reduced US runs.
  • Preliminary data show total global inventories falling 49.3mbbl in January led by a large crude stock draw in China, after falling 17.1mbbl in Dec.
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Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024 with China still the largest share of growth despite falling to 19%, according to the IEA Monthly Oil Report.

  • India and other emerging Asian economies are increasing share while OECD demand is forecast to return to structural decline.
  • Global oil supply is set to increase by 1.6 mb/d to 104.5 mb/d in 2025, driven by non-OPEC+ producers if OPEC+ voluntary cuts remain in place.
  • World oil supply fell 950 kb/d to 102.7 mb/d in January, as weather hit North American supply adding to declines in Nigeria and Libya.
  • Global crude runs are forecast to average 83.3 mb/d this year although fell by 1 mb/d to 82.9 mb/d in January amid reduced US runs.
  • Preliminary data show total global inventories falling 49.3mbbl in January led by a large crude stock draw in China, after falling 17.1mbbl in Dec.