IEA forecasts a global oil surplus of 4 million bpd in 2024, due to increased OPEC+ production and reduced demand

According to a report published by the International Energy Agency (IEA), the global oil market will face a surplus of four million barrels per day (bpd) in 2024, driven by increased production from OPEC+ and low demand. This estimate exceeds previous forecasts, which indicated a surplus of 3.3 million bpd in 2026. The IEA has adjusted its estimates, forecasting an increase in supply of three million bpd this year, followed by an additional increase of 2.4 million bpd in 2024. In contrast, global demand has been revised to an increase of only 710,000 bpd for this year, due to economic difficulties. OPEC, on the other hand, maintains its demand growth estimates at 1.3 million bpd, suggesting an optimistic view of the global economy. The IEA, established following the oil crisis of 1973-1974, serves as the main advisory body on energy issues for the 29 most developed countries.