LONDON: Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said on Thursday, due to growth led by the United States and weaker than expected global demand. The outlook of ample supplies despite U.S. sanctions on major exporters Russia and Iran highlights the challenge for OPEC+, or the Organization of the Petroleum Exporting Countries plus Russia and other allies, in balancing the market. “The United States is currently producing at record highs and is forecast to be the largest source of…
Read MoreIEA sees global oil market surplus for 2025 as demand disappoints
