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Global oil supply to outpace demand by record levels: IEA
Big news from the energy world: Global oil supply is expected to outpace demand by about 2.96 million barrels per day—the largest surplus since 2020, says the IEA.
This comes as OPEC+ and countries like the US, Brazil, Canada, and Guyana ramp up production while global demand growth stays pretty sluggish.
What does this mean for oil prices?
With so much extra oil sloshing around and not enough buyers, prices are likely to drop.
For anyone who drives or follows energy trends, this could mean cheaper fuel but also big shifts in global markets.
The IEA warns that unless things change fast, the industry will need some serious adjustments to keep things balanced.