US EditionThe Oil Market Is on Track for a Record Surplus that Could Lead to a Sharp Drop in Prices.
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OPEC+ Reshaped the Calculus for Oil Markets and Spawned a Record Glut - Energy News, Top Headlines, Commentaries, Features & Events
The International Energy Agency forecasts a surplus approaching 3 million barrels a day by next year. By Grant Smith Saudi Arabian Oil Co. workers in the Khurais oil field. Photographer: Maya Sidiqqui/Bloomberg The impact of this year’s dramatic policy reversal by OPEC+ is now becoming clear. This week’s reports from two of the oil industry’s ...
Excess global oil threat prices: IEA predicts a surplus of 3 million barrels per day in 2026. Image: Freepik (www.freepik.es) The balance of the international oil market faces increasing pressure from oversupply: against this, the International Energy Agency (IEA) warned that the global supply of crude oil will increase faster than expected in 2025 and 2025. And that it will be driven by higher volumes of OPEC+ and a significant surge in product…
Forecasts from the International Energy Agency assume that crude oil reserves will grow at a rate of almost 3 million barrels per day, even exceeding the average growth rate recorded in the pandemic-hit 2020. The relationship between demand and supply is becoming increasingly divergent, which is affecting the prices of the key raw material for the production of gasoline and diesel fuel.
Prices are approaching their lowest level of the year in August, a decline influenced by the increase in OPEC production and the global economic slowdown.
The oil market is on track for a record surplus that could lead to a sharp drop in prices.
The International Energy Agency (IEA) predicts that oil inventories will grow by 2.96 million barrels per day in 2026, faster than the growth seen at the start of the coronavirus pandemic. Oil demand is expected to increase by just 680,000 barrels per day this year (the smallest rise since 2019), due to weak economic growth in China, India, and Brazil. In 2026, demand growth is projected to be around 700,000 barrels per day, and demand growth wi…
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