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IEA raises 2024 oil demand forecast, sees surplus looming in 2025 (Commodity:CO1:COM)

Nov. 14, 2024 7:41 AM ETBrent Futures (CO1:COM), CL1:COMUCO, USO, DBO, UNG, FCG, USL, SCO, UNL, BNO, BOIL, KOLD, GUSH, DRIP, USOIBy: Arundhati Sarkar, SA News Editor
Crude oil barrels in a row

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Global oil demand is expected to expand by 920 kb/d this year, the International Energy Agency said on Thursday, while it expects global supply to exceed consumption by more than 1 mb/d next year, primarily due to a slowdown in China’s economy.

As such, the Paris-based agency

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