IEA raises world oil demand growth forecast for next year

• 2024 world oil demand growth forecast seen at 840k bpd (previously 920k bpd)
• 2025 world oil demand growth forecast seen at 1.1 mil bpd (previously 990k bpd)

Despite lifting the forecast for next year, IEA says that the oil market will remain comfortably supplied in 2025. On the revision higher, they cite China stimulus measures as being the key factor. Just keep in mind while the revision for next year contradicts with OPEC’s latest revision, it is more so the fact that the baseline for the forecasts by OPEC were exorbitantly high to begin with.

This article was written by Justin Low at www.forexlive.com.