IEA predicts excess oil supply in 2024, even with extension of cuts by OPEC+
25 November 2023, 10:48
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The global market for Petroleum will have a slight supply surplus in 2024, even if OPEC+ nations extend their cuts into next year
the head of the International Energy Agency's petroleum markets and industry division told Reuters.
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At the moment, however, the oil market is in deficit and inventories are decreasing "at an accelerated pace", said Toril Bosoni.
"Global oil inventories are at low levels, which means you run the risk of increased volatility if there are surprises on both the demand and supply sides," he added.
