
In its monthly report on the oil market, the International Energy Agency stated on Thursday that by the end of 2025, global demand for oil will exceed supply by more than one million barrels per day, even if the OPEC+ group agreements on production cuts remain in place.
OPEC in its monthly report for November has lowered its forecast for global oil demand growth in 2024 to 1.82 million barrels per day compared to previous forecasts of 1.93 million barrels per day.
The agency, based in Paris, left its forecast for oil demand growth in 2025 unchanged from the previous month, projecting an increase in demand for oil by 990,000 barrels per day in the following year.
The agency noted that oil consumption in China in the third quarter was 270,000 barrels per day lower than in the same period of 2023, and that the continuing decline in demand in China is impacting the global oil demand.