IEA Expects Oil Market Surplus Even If OPEC+ Extends Production Cuts

The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a fast rate”, Bosoni told Reuters on the sidelines of an industry event in Norway. Just last week, the IEA raised its global oil demand forecasts for 2023 and 2024, as consumption…