World News
IEA Projects Slower 2025 Oil Demand Growth vs OPEC
The International Energy Agency (IEA) has downgraded its oil demand growth forecast for 2025, reducing it from 1.1 million b/d to 1.05 million b/d.
This is notably lower than OPEC's more optimistic projection of 1.4 million b/d growth for 2025.
In its latest oil market report, the IEA warned that recent US sanctions targeting Russian oil giants Gazprom Neft and Surgutneftegaz, along with sanctions on over 160 tankers carrying Russian, Iranian and Venezuelan oil, could further disrupt global oil trade logistics.
"While it is too early to fully quantify the potential impact from these new measures, some operators have reportedly already started to pull back from Iranian and Russian oil."
However, the IEA states that exports via non-shadow tankers remain viable for Russian oil purchased below price caps.
The Paris-based agency also expects that the upcoming Trump administration will take a tougher stance on Iranian oil exports.
Additionally, low crude oil stocks in Cushing, US, which have reached near-decade lows, have added upward pressure on oil prices, IEA said.
Current crude stocks at Cushing, a key strategic storage hub in the US, stand at around 20.8 million bbls, down from a peak of 66 million bbls in 2017, according to data from the US Energy Information Administration.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 597.00 | 2.00 | 733.00 | 8.00 |
| Rotterdam | 547.00 | 3.00 | 706.50 | 1.00 |
| Houston | 598.00 | 1.00 | 765.50 | 6.50 |
| Fujairah | 586.50 | 2.50 | 782.00 | 4.00 |
| Global 20 Ports Average | 608.50 | 2.00 | 801.50 | 0.50 |
| Global 4 Ports Average | 582.00 | 2.50 | 747.00 | 1.50 |
| Global Average Bunker Price | 649.50 | 1.00 | 839.50 | 0.50 |
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