Khaberni - The International Energy Agency said today, Thursday, that the global oil market will see a larger surplus next year, amounting to 4.09 million barrels per day, amid increased production from the OPEC+ alliance and its competitors and a slowdown in demand growth.
These forecasts are the latest warning from the agency, which advises industrial nations, about the market trending towards a significant surplus in supply. The expected surplus of 4.09 million barrels per day will be about 4 percent of global demand, a level significantly exceeding other analysts' expectations, according to the CNBC network.
The agency said: "Global oil market balances are becoming increasingly imbalanced; global supply continues to increase, while demand growth remains modest by historical standards."
