PARIS (AFP) – Oil supply is set to outpace global demand next year even as Organization of the Petroleum Exporting Countries Plus (OPEC+) members extended cuts in efforts to prop up prices, the International Energy Agency (IEA) said yesterday.
Eight members of the alliance, including Saudi Arabia and Russia, agreed earlier this month to maintain supply cuts of 2.2 million barrels per day (bpd) for three more months through March.
But the IEA said global supply was on track to grow by 630,000 bpd this year and 1.9 million bpd in 2025, with the United States, Brazil, Canada, Guyana and Argentina leading the way.
This would bring total supply to 104.8 million bpd for 2025, while demand is forecast to rise to 103.9 million bpd, the IEA said in its monthly oil market report.
“Persistent overproduction from some OPEC+ members, robust supply growth from non-OPEC+ countries and relatively modest global oil demand growth leave the market looking comfortably supplied in 2025,” the report said.
