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The oil surplus is shrinking as OPEC+ output drops
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The oil surplus is shrinking as OPEC+ output drops
The International Energy Agency is warning that the global oil market’s surplus is narrowing—but not disappearing—as OPEC+ production slips and sanctioned barrels struggle to find buyers, The Wall Street Journal writes. In its latest monthly report, the agency lowered its global supply growth forecast to 3 million barrels a day this year, down from 3.1 million, and cut next year’s outlook to 2.4 million barrels a day. The shift follows a steep …
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