Oil market ‘lopsided’ as output surpasses demand; four million bpd supply surplus likely in 2026: IEA
The global oil market is tilting towards oversupply as production growth continues to outpace consumption despite a rise in Chinese demand, according to the International Energy Agency’s (IEA) latest monthly report released on Thursday.
The IEA projected that worldwide oil production will exceed demand by more than four million barrels per day (bpd) in 2026, following an upward revision in its global supply forecast.
