IEA warns of oil surplus in ’25

The global oil market could see a surplus of around 600,000 barrels per day in 2025, according to the International Energy Agency (IEA). In its latest monthly report released Thursday, the agency revised its forecast for demand growth in 2025 downward, contributing to the projected oversupply.

The IEA also cautioned that the surplus could widen if OPEC+ continues easing production limits. If the group extends its rollback of output cuts and fails to enforce quotas, excess supply could increase by an additional 400,000 barrels per day, the agency noted.

Attribution: Reuters

Subediting: M. S. Salama