Oil Surplus Looms If OPEC+ Hikes Supplies, IEA Data Show
- Global market is in deficit now due to summer demand, IEA says
- It’s seen balanced next quarter if OPEC+ cancels output hike
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Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.
Oil inventories are currently depleting as a result of peak summer driving demand, but should stabilize in the final quarter of the year, the Paris-based agency said in a report.