{"id":8790,"date":"2023-11-21T12:30:31","date_gmt":"2023-11-21T12:30:31","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8790"},"modified":"2023-11-21T12:30:31","modified_gmt":"2023-11-21T12:30:31","slug":"iea-sees-surplus-oil-supply-in-2024-even-if-opec-extends-current-cuts","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8790\/","title":{"rendered":"IEA sees surplus oil supply in 2024 even if OPEC+ extends current cuts"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The global oil market will see a slight surplus of supply in 2024 even if the OPEC+ nations extend their cuts into next year, the head IEA oil told.<\/p>\n

At the moment, however, the oil market is in a deficit and stocks are declining “at a fast rate”, Toril Bosoni said on the sidelines of a conference in Oslo.<\/p>\n

“Global oil stocks are at low levels, which means that you risk increased volatility if there are surprises on either the demand side or the supply side,” she added.<\/p>\n

OPEC+ is set to consider whether to make additional oil supply cuts when the group meets later this month, three OPEC+ sources have told Reuters after prices dropped by some 16% since late September.<\/p>\n

Oil has slid to around $82 a barrel for Brent crude from a 2023 high in September of near $98. Concern about demand and a possible surplus next year has pressured prices, despite support from the OPEC+ cuts and conflict in the Middle East.<\/p>\n

Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of 5.16 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022.<\/p>\n

The cuts include 3.66 million bpd by OPEC+ and additional voluntary cuts by Saudi Arabia and Russia.<\/p>\n

At its last policy meeting in June, OPEC+ agreed on a broad deal to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July of 1 million bpd that it has since extended to last until the end of 2023.<\/p>\n

Brent crude futures fell 34 cents, or 0.4%, to $81.98 a barrel by 1134 GMT.<\/p>\n

Updated on