Oil Outlook: US Production Boom, Weak China Demand to Lead to Oversupply in 2025

• The oil market could see a surplus of one million barrels of crude a day in 2025, the IEA forecast.
• The excess will be driven by low demand in China and booming output from non-OPEC countries.
• Non-OPEC producers are on track to expand production by 1.5 million barrels a day, the IEA estimated.

The oil market could see a major supply glut in 2025 thanks to booming production from non-OPEC states like the US and sagging demand in China, according to the International Energy Agency.

The IEA said in its November Oil Market Report that the world’s oil market is on track for a one-milli