IEA cuts oil surplus forecast as demand growth outlook raised

The projected global crude oil surplus in the fourth quarter of 2025 has narrowed due to a halt in production, the International Energy Agency said on Thursday. Meanwhile, the forecast for global crude oil demand growth in 2025 has been scaled up by the IEA in its December Oil Market Report. The Paris-based agency’s December estimate suggests a reduced global oil surplus compared to its November report. It now projects oil supply will exceed demand by 3.84 million barrels per day, a decrea