The 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 of the International Energy Agency’s (IEA) oil markets and industry division told Reuters on Tuesday.

At the moment, however, the oil market is in a deficit and stocks are declining “at a fast rate”, Toril Bosoni said.

“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.
Source: Reuters (Reporting by Nerijus Adomaitis, writing by Terje Solsvik, editing by Gwladys Fouche)