The supply of oil and gas will be plentiful, with oil markets being "comfortable" this year and next unless major geopolitical escalation happens, the head of the International Energy Agency (IEA) Fatih Birol told a conference in Norway.
Global oil supply will exceed demand in 2025 even if Opec+ cuts remain in place, the IEA said on November 14 as rising production from the United States and other outside producers outpace sluggish demand.
The prospect of excess supply is a headwind for Opec+, which comprises the Organisation of the Petroleum Exporting Countries and allies such as Russia, in its plan to start raising output.
"This year and next year, we expect comfortable oil markets unless a major geopolitical escalation happens," Birol said. "There will be plenty of oil and gas."-Reuters