World Oil Market to See Huge Glut in 2026, IEA Says
The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday.
The latest outlook from the IEA, which advises industrialised countries, expands its prediction of a 2026 surplus from about 3.3 million bpd last month. A surplus of 4 million bpd would be equal to almost 4% of world demand, and is much larger than other analysts' predictions.
OPEC+ is adding more crude to the market after the Organization of the Petroleum Exporting Countries, Russia and other allies decided to...
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