Global oil supply will exceed demand by more than one million barrels a day next year, the International Energy Agency says.
In its monthly oil market report, the IEA said that even if the Opec+ cartel of oil-producing countries keeps its cuts in place, rising production in the United States and other outside producers would outpace sluggish demand thanks to “below-par” underlying global economic conditions and the deployment of clean energy technology.
The slowdown in China’s economy has been the main drag on demand. Oil prices traded slightly weaker after the report was released, with Brent crude trading below $73 a barrel. But there are forecasts from some analysts for next year looking at $40 a barrel for oil.
