The global oil market faces an even bigger surplus next year of as much as 4.09 million barrels per day as Opec+ producers and rivals lift output and demand growth slows, the International Energy Agency (IEA) said yesterday.
The outlook from the IEA, which advises industrialised countries, is the latest warning that the oil market is heading for oversupply. A surplus of 4.09m bpd would be equal to almost 4 per cent of world demand, and is much larger than other analysts’ predictions.
“Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards,” the IEA said in its monthly report.
Opec+, or the Organisation of the Petroleum Exporting Countries plus Russia and other allies, has been boosting output since April. Other producers, such as the US and Brazil, are also increasing supply, adding to glut fears and weighing on prices.
Oil prices edged higher to around $63 a barrel after the IEA report to recoup some of the 2pc drop on Wednesday after Opec shifted its 2026 outlook to a small surplus, having earlier seen a sizeable deficit.
&uuid=(email))