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.

OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China's sputtering role as the world's demand growth engine.

OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.

The Vienna-based cartel cut the forecast for the fifth consecutive month after further postponing plans to increase output amid softer prices and market concerns over weaker global consumption.

World oil demand growth is set to accelerate to 1.1 mb/d next year from 840 kb/d in 2024, the International Energy Agency said Thursday, while adding that it expects the market to be comfortably supplied in 2025.

Oil markets are expected to remain oversupplied next year despite OPEC+ production cuts, the International Energy Agency (IEA) said on Thursday. “Persistent overproduction from some OPEC+ members, robust supply growth from non-OPEC+ countries and relatively modest global oil demand growth leaves the market looking comfortably supplied in 2025,

The International Energy Agency lifted next year’s oil-demand estimates citing the impact of China’s stimulus measures, but said the pace of growth is expected to remain subdued. The Paris-based organization now forecasts global demand to grow by 1.

OPEC has reportedly reduced its 2024 global oil demand growth forecast for the fifth consecutive month, marking the largest cut so far. OPEC now expects demand to rise by 1.61mbbl/d, down from the previous estimate of 1.