The International Energy Agency IEA predicts a significant global oil surplus in 2025, despite OPEC's efforts to curb production.
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 todelaythe 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.
So even if OPEC keeps its oil production as-is for the whole of 2025, there would still be a surplus in supply of 950,000 barrels per day bpd next year. If OPEC does begin unwinding the voluntary cuts from the end of March 2025, this glut would swell to 1.4 million bpd, according to the agency.
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