The oil market is concerned about potential oversupply in 2025 due to rising global oil production and slowing demand, particularly from China.
Rising global oil supply appears to be on top of the list of concerns for oil trading giants and industry analysts, according to the speakers at the Asia Pacific Petroleum Conference APPEC in Singapore this week. Many participants in the event expressed more concern about upcoming supply than about slowing demand. While recognizing that demand has undershot expectations this year, renowned analysts and the top executives at oil traders fear a growing oversupply next year.
China has disappointed so far this year, due to its property crisis and underwhelming economic growth. Structural shifts in transportation such as EV intake and rising share of LNG-powered trucks have also weighed on Chinese road fuel demand. Chinese oil demand growth has slowed to about 200,000 bpd each year, compared to 500,000 bpd - 600,000 bpd annual growth in the five years before Covid, Goldman Sachs’s head of oil research, Daan Struyven, said at APPEC.
Oversupply OPEC+ Demand China Electric Vehicles LNG Trucks Goldman Sachs Vitol Group Carlyle
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