According to the International Energy Agency's (IEA) Oil Market Report (OMR) for February, global oil demand is expected to rise by an average of 1.1 million barrels per day (mb/d) in 2025, surpassing the 870,000 barrels per day (kb/d) forecast for 2024.
Publish dateMonday 17 February 2025 - 00:02
According to Amac News, The monthly report notes that China will still be the largest source of oil demand growth, although the pace of its expansion is slower than recent trends and is largely driven by its petrochemical sector. Meanwhile, India and other emerging Asian economies are expected to capture larger shares of the demand.
Also, OECD countries are forecasted to return to a structural decline in demand after a modest increase last year.
The report also highlights that colder seasonal weather impacted North American supply in January, causing global oil supply to drop from 950,000 barrels per day to 102.7 million barrels per day. However, this supply is still 1.9 million barrels per day higher than a year ago, primarily driven by increases in the Americas.
Global oil supply is expected to rise to 104.5 million barrels per day by 2025, with non-OPEC+ producers accounting for most of this increase, provided that OPEC+ voluntary cuts continue.
Observed global oil stocks fell by 17.1 million barrels month-on-month in December, reaching 7,647 million barrels, while crude oil stocks decreased by 63.5 million barrels and product stocks increased by 46.4 million barrels.
OECD industrial inventories continued to decline, dropping by 26.1 million barrels to 2,737.2 million barrels, which is 91.1 million barrels below their five-year average. Preliminary data indicate that global inventories fell by another 49.3 million barrels in January, primarily due to large crude stock draws in China.
Also, OECD countries are forecasted to return to a structural decline in demand after a modest increase last year.
The report also highlights that colder seasonal weather impacted North American supply in January, causing global oil supply to drop from 950,000 barrels per day to 102.7 million barrels per day. However, this supply is still 1.9 million barrels per day higher than a year ago, primarily driven by increases in the Americas.
Global oil supply is expected to rise to 104.5 million barrels per day by 2025, with non-OPEC+ producers accounting for most of this increase, provided that OPEC+ voluntary cuts continue.
Observed global oil stocks fell by 17.1 million barrels month-on-month in December, reaching 7,647 million barrels, while crude oil stocks decreased by 63.5 million barrels and product stocks increased by 46.4 million barrels.
OECD industrial inventories continued to decline, dropping by 26.1 million barrels to 2,737.2 million barrels, which is 91.1 million barrels below their five-year average. Preliminary data indicate that global inventories fell by another 49.3 million barrels in January, primarily due to large crude stock draws in China.
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Source : news agency wam
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