Oil prices fall on concerns about 2025 energy demand outlook

DNVN - The Asian oil market witnessed oil prices falling in the morning trading session on December 23, mainly due to concerns surrounding demand growth in 2025, especially in China - the world's leading country in crude oil imports.

Entering the new trading week, North Sea Brent crude fell 31 US cents, or 0.43%, to $72.57 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell 26 US cents, or 0.26%, to $69.12 a barrel.

Oil demand in China is expected to peak in 2027 as gasoline and diesel consumption begins to decline, according to the annual energy outlook report released by Sinopec, China's state-owned oil refiner, over the weekend.

Meanwhile, the US dollar's rise to a two-year high has added pressure to lower oil prices, after the Fed signaled it would be more cautious in its planned rate cuts for 2025.

Higher oil prices pose a challenge for traders using other currencies as the US dollar strengthens. At the same time, a slower pace of interest rate cuts could hurt economic growth, leading to a decline in oil demand.

JP Morgan predicts that the oil market, which was balanced in 2024, will move into surplus by about 1.2 million barrels per day by 2025. This is because production from non-OPEC countries and OPEC+ alliance countries is expected to increase by 1.8 million barrels per day, while OPEC maintains current production levels.

The G7, a group of industrialized nations, is considering measures to reduce Russian oil supplies, including a complete ban or lowering the price ceiling imposed on the oil.

Ganoderma (t/h)

Source: https://doanhnghiepvn.vn/quoc-te/gia-dau-giam-do-lo-ngai-ve-trien-vong-nhu-cau-nang-luong-nam-2025/20241223091351241