But if OPEC+ wants to prevent a glut, it may need to do much more. A surplus looms next year even if the cartel cancels the supply hikes entirely, the International Energy Agency forecasts.
When OPEC+ ministers meet this weekend, they’ll confront an unpalatable choice: continue to curb oil-supplies well into 2025, or risk a renewed price slump.
With oil demand slowing in China and supplies swelling across the Americas, delegates say the group led by Saudi Arabia and Russia is once again discussing delaying their plans to increase production — potentially for several months.
