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Oversupply of oil could lead to excess of 4m barrels a day
The Guardian
|November 14, 2025
The world is producing more oil than it needs and next year there could be a glut of 4m excess barrels a day entering the market, according to the global energy watchdog.
The International Energy Agency said the surplus in 2026 was likely to be larger than previously forecast, despite a decision by the biggest oil producers to pause their plan to increase crude exports.
The Paris-based agency, which was set up after the 1973 oil crisis to monitor global supplies, pointed to a slower than usual growth in the world's oil demand to explain the growing glut. "World oil supply is forging ahead while oil demand growth remains modest by historical standards," the IEA said.
This story is from the November 14, 2025 edition of The Guardian.
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