The cartel led by Saudi Arabia and Russia on Dec 5 agreed yet again to postpone plans to restore shuttered output amid faltering crude prices, and slow the pace of increases once they do begin in the second quarter.
Global oil markets face a glut next year despite last week’s decision by OPEC+ to delay supply increases, the International Energy Agency said.
World markets will be oversupplied by a hefty 1.4 million barrels a day if the group proceeds with plans to revive output starting in April, the IEA predicted in a monthly report. Even if OPEC+ cancels next year’s hikes entirely, there’ll still be an overhang of 950,000 barrels a day.
