IEA Trims Forecast of Record Oil Glut for First Time Since May

The International Energy Agency trimmed estimates for a global oil supply surplus this year and next for the first time in several months as demand strengthens and output growth slows.

World supplies will exceed demand by 3.815 million barrels a day in 2026, which would still mark a record, but trims last month’s estimate by 231,000 barrels a day. It’s also the first reduction since OPEC+ started ramping up production in May, while an estimate for this year’s overhang was curbed for the first time since February.