BUSINESSSEMAFOR
IEA warns of oil supply glut
The International Energy Agency warned of a potential oil supply glut, with benchmark crude prices down over 25% from a month ago. The reopening of the Strait of Hormuz could release stranded oil shipments, and the IEA projected a significant overhang next year, though OPEC disputed this assessment.
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Adjacent reporting
- OPEC chief dismisses IEA supply glut forecast as 'critical' Strait of Hormuz reopens
- Global oil stockpiles could fall to ‘critical levels’ by summer, IEA warns
- Prolonged Strait of Hormuz closure would cause oil prices to surge, experts warn
- Prolonged Strait of Hormuz closure would cause oil prices to surge, experts warn
- The oil market could swing from crisis to massive surplus, IEA warns