IEA Sees Oil Market in Surplus as Demand Growth Loses Steam

Global oil demand growth is losing steam while supplies outside OPEC+ continue to swell, potentially leaving markets in surplus all year, the International Energy Agency said.

Growth in world consumption slowed by about 35% in the fourth quarter of last year compared with the preceding three months amid a deceleration in China, the IEA said in its monthly report. In 2024 as a whole, the agency continues to see global demand increasing by 1.2 million barrels a day — just half the rate of last year.