Oil Demand Monitor Warns Output Boom May Strain China’s Stockpiling
The global oil market faces an “untenable” surplus of about 3 million barrels a day, testing how much can be absorbed by China’s recent stockpiling drive, a major forecasting agency has warned.
In its monthly oil market report on Thursday, the International Energy Agency boosted estimates for global oil demand this year and next, but raised supply projections even more. Output will exceed consumption by an average of 3.33 million barrels a day in 2026, about 360,000 a day more than anticipated a month ago.
