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Oil Surplus in 2024 Even If OPEC+ Members Extend Cuts: IEA


Even if the OPEC+ nations extend output cuts into next year the global oil market will see a slight surplus of supply in 2024 according to Toril Bosoni at the IEA.

  • The oil market is currently in a deficit and stocks are declining "at a fast rate", Toril said.
  • "Global oil stocks are at low levels, which means that you risk increased volatility if there are surprises on either the demand side or the supply side," she added.
  • Saudi Arabia and Russia are widely expected to extend the current 1.3mb/d product cuts into early next year. Market speculation is centred around how long the cuts might last and if OPEC+ decide further cuts are needed amid global demand concerns at the ministerial meeting this coming weekend.

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