Javier Blas: Demand Not As Weak As Prices, but Oil Oversupply Coming

Bloomberg Opinion columnist Javier Blas has predicted that oil markets will be oversupplied in 2025 thanks to unwinding OPEC production cuts as well as increased non-OPEC supply led by the United States, Canada and Guyana, among other regions. Blas has acknowledged that oil demand is not as weak as oil prices are implying, pointing out that demand growth is still clocking in at ~1 million barrels per day despite the rapid adoption of electric vehicles coupled with improving energy efficiency of consumer appliances. However, he has warned...