IEA Forecasts Oil Surplus Amid Weak Demand from China
Short Summary The International Energy Agency (IEA) has revised its 2024 oil market outlook, predicting a surplus in global oil supply. The primary driver behind this shift is weaker-than-expected demand from China, despite economic stimulus efforts. While OPEC+ production cuts are still in place, the rising supply from non-OPEC producers like the U.S. and Brazil…