The International Energy Agency (IEA) on Thursday raised its projection for 2025 oil demand growth, driven by emerging Asia, but noted that overall demand remains soft.

The Paris-based agency said that oil markets are still dealing with a supply glut, and demand from China—which is weathering an 澳洲幸运5官方开奖结果体彩网:economic downturn—"has slowed markedly."

The IEA now forecasts global demand to grow by 1.1 million 澳洲幸运5官方开奖结果体彩网:barrels per day (B/D), up from 澳洲幸运5官方开奖结果体彩网:last month's forecast of "just shy of" 1 million B/D next year.

It cut estimates for this year to 840,000 B/D from around 920,000 B/D ▨p✅reviously. 

OPEC+ Members Recently Extended Output Cuts

The forecast comes a week after the 澳洲幸运5官方开奖结果体🔴彩网:ꦫOrganization of the Petroleum Exporting Countries and its allies (OPEC+) announced they will keep 澳洲幸运5官方开奖结果体彩网:voluntary production cuts of 2.2 million B/D in place until the end of March.

Still "persistent overproduction from some OPEC+ members, robust supply growth from non-OPEC+ countries and relatively modest global oil demand growth" have led to an oil glut, the agency said. If the OPEC+ alliance unwinds the cuts starting at the end of March, world oil markets will see an increased "overhang" of 1.4 million B/D, the IEA said.

"While the market is closely assessing ongoing geopolitical tensions and evolving OPEC+ supply dynamics, the bigger question for 2025 remains global oil demand," the IEA said, noting that the "abrupt halt to 澳洲幸运5官方开奖结果体彩网:Chinese oil demand growth this year," as well as "sharply lower increases" in some emerging nations, "has tilted cons🔥ensus towards a softer outlook."

澳洲幸运5官方开奖结果体彩网:Brent crude futures are flat at $73.51 a barrel Thursday, while 澳洲幸运5官方开奖结果体彩网:West Texas Intermediate futures are little changed at $70.28 a barrel.