OPEC+ Supply Delay Won’t Prevent Oil Glut Next Year, IEA Says
- Group’s revised plans would leave 1.4 million-barrel surplus
- Non-OPEC+ supply to grow roughly 36% more than demand in 2025
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Global oil markets face a glut next year despite last week’s decision by OPEC+ to delay supply increases, the International Energy Agency said.
World markets will be oversupplied by a hefty 1.4 million barrels a day if the group proceeds with plans to revive output starting in April, the IEA predicted in a monthly report. Even if OPEC+ cancels next year’s hikes entirely, there’ll still be an overhang of 950,000 barrels a day.