IEA Sees Large Oil Glut in 2025 Despite OPEC+ Delay to Supply Hike

The global oil market will find itself in a large surplus next year, even as OPEC+ has decided to defer the start of production increases to April, the International Energy Agency (IEA) said on Thursday. The OPEC+ group last week decided to delay the start of the easing of the 2.2 million bpd cuts to April 2025, from January 2025. The group also extended the period in which it would unwind all these cuts into the following year, until September 2026. While the OPEC+ decision “has materially reduced the potential supply overhang…