Key IEA predictions: 1M+ barrels/day surplus in 2025 Chinese oil demand contracted 6 months through Sept 2024 China demand growth: 10% of 2023 rate Global consumption: +920k b/d in 2024, +990k b/d in 2025 Brent crude near $72/barrel, down 11% since early Oct CN demand factors: Possible peak in oil demand Economic slowdown, especially construction Shift to EVs, high-speed rail, gas in trucking Undermining traditional growth drivers Global supply outlook: US, Brazil, Canada, Guyana: +1.5M b/d in 2024-2025 Surplus persists even if OPEC+ abandons output increase plans OPEC+ to review 180k b/d Jan increase on Dec 1 Demand growth constraints: Below-par global economic conditions Post-pandemic pent-up demand released Rapid clean energy tech deployment Market perspectives: IEA: Demand growth to stop this decade OPEC cuts 2024 forecast by 18% over 4 months OPEC still projects 1.8M b/d growth, double IEA estimate #OilMarket #WTI#OPECOutlook