Oil Glut Will ‘Moderate’ Prices After Recent Gains, Birol Says

Oil prices are expected to “moderate” because of ample supply, according to the International Energy Agency.

“I don’t expect a major shake-up in the oil markets thanks to growing production coming from the Americas,” OPEC+’s change in policy to increase output and slowing demand growth, IEA Executive Director Fatih Birol said in an interview with Jennifer Zabasajja on Bloomberg Television. “As a result of all these trends I expect moderate oil prices in the next days and weeks to come.”