The International Energy Agency has predicted that global oil supplies will substantially outstrip demand this year even as the escalating conflict in the Middle East raises fears of disruptions.
Global oil production is expected to rise by 1.8mn barrels a day in 2025 to 104.9mn b/d, outstripping forecast demand of 103.8mn b/d and leading to a rise in oil inventories over the course of the year, the intergovernmental energy advisory body said in its annual report.
“In the absence of a major disruption, oil markets in 2025 look well supplied,” the IEA said.
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