LONDON (Reuters) – Global oil demand will fall short of supply by more than a million barrels per day (bpd) in 2025, even if OPEC+ maintains its quotas for production cuts, it estimated on Thursday. International Energy Agency (IEA) in its monthly report on the oil market.
The Paris-based agency left its forecast for oil demand growth in 2025 unchanged from the previous month, expecting oil demand to increase by 990,000 bpd next year.
Falling Chinese demand continues to weigh on global oil demand growth. The IEA estimates that Chinese consumption in the third quarter was 270,000 bpd lower than in the same period in 2023, after six consecutive months of contraction between April and September.
The IEA also slightly revised upwards its crude demand growth forecast for this year, to 920,000 bpd, due to higher-than-expected diesel demand in OECD countries in the third quarter.
(Written by Robert Harvey; French version Claude Chendjou, edited by Blandine Hénault)
