The west’s energy watchdog has said the world could generate a “substantial surplus” of oil this year as faltering economic growth hits demand and non-Opec countries step up production to record levels.
The International Energy Agency said on Thursday that a surge in output by countries such as the US may offset the impact of cuts by Opec+, the oil exporters’ cartel, which is seeking to shore up prices.
The IEA’s monthly report added that, while the recent cuts agreed by the cartel “may tip the oil market into a small deficit at the start of the year, strong growth from non-Opec producers could lead to a substantial surplus”.
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