December 12, 2024 5:22 PM
IEA expects comfortably supplied oil market in 2025 despite demand hike
The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast. The outlook from the IEA, which advises industrialised countries, points to continued headwinds for OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia. OPEC+ is seeking to begin reviving output in 2025 after years of cuts....