Global Oil Markets Face Record Supply Glut Next Year, IEA Says

Global oil markets are on track for a record surplus next year as demand growth slows and supplies swell, the International Energy Agency said.

Oil inventories will accumulate at a rate of 2.96 million barrels a day, surpassing even the average buildup during the pandemic year of 2020, data from the IEA’s monthly report showed. World oil demand this year and next is growing at less than half the pace seen in 2023.