Oil inventories will accumulate at a rate of 2.96 million barrels a day, surpassing even the average buildup during the pandemic year of 2020, data from the IEA’s monthly report showed. The OPEC+ coalition, led by Saudi Arabia, has fast-tracked the restart of halted production, and the IEA has slightly bolstered forecasts for output outside the group in 2026, led by the Americas. Crude prices have declined roughly 12% this year, trading near $66 a barrel in London, as increasing supplies from both OPEC+ and its rivals coincide with deepening concern that US President Donald Trump’s trade war will impact economic growth.Read More
Global Oil Markets Face Record Supply Glut Next Year, IEA Says
By Grant Smith
