Oil: IEA Raises Supply Forecasts for 2025, Record Surplus Ahead

According to a monthly report from the agency advising industrialized countries, global crude oil demand is expected to rise by 680,000 barrels per day (bpd) this year, a revision from the previously forecasted 700,000 bpd. The International Energy Agency (IEA) stated that global oil markets are on track to reach a record surplus next year, as demand growth slows and supply expands. Oil stocks are projected to accumulate at a rate of 2.96 million barrels per day, surpassing even the average levels seen during the pandemic year of 2020.