IEA Boosts Forecast of Record Oil Glut for a Sixth Month (1)

The International Energy Agency increased its estimates for a record global oil surplus next year for a sixth consecutive month, as OPEC+ continues to revive supplies and demand growth remains subdued.

World oil supplies will exceed demand in 2026 by just over 4 million barrels a day, the IEA said a monthly report on Thursday, a slight increase from last month. Consequently, global “balances are looking increasingly lopsided,” said the agency, which has revised the overhang upwards every month since June.

“What we’re seeing in the market today is global oil supply continues to rise,” Toril Bosoni, head of ...