IEA Warns of Oil Market Surplus Amid Weak Demand in 2025

Global oil demand will rise by 920,000 barrels per day (bpd) this year, the International Energy Agency (IEA) said on Thursday, lifting its growth estimate from a month ago, but warned that weak demand growth will lead to a supply overhang next year. In its monthly oil market report today, the IEA raised its 2024 oil demand growth estimate to 920,000 bpd, up from 862,000 bpd in the October report. The demand growth projection for 2025 was revised slightly down to 990,000 bpd from 998,000 bpd, as the agency warned that demand growth this year and…