Surplus will remain the buzzword for oil markets in 2025 despite OPEC+ move

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The Star 1d ago

Surplus will remain the buzzword for oil markets in 2025 despite OPEC+ move - The Star

Quick Summary:

OPEC and its allies have postponed the easing of output cuts for another quarter, but that may do little to offset the impact of rising production outside the bloc and subdued demand at key consuming centers—factors that could prompt the oil market to start 2025 on a subdued note.

Oil markets will be watching China's oil market from two different angles -- first, whether the economic slowdown and the influx of electric vehicles can keep a lid on domestic demand, and second, the impact on oil inflows from a potential trade war in the Trump era.

Commodity Insights expects China's oil demand to grow by 176,000 b/d and 309,000 b/d on the year in 2024 and 2025, respectively.