By Will Horner The International Energy Agency raised its forecast for global oil supplies next year while moderating its demand expectations, pointing to a more balanced oil market that could cap oil prices.
At the same time, the Paris-based intergovernmental organization said it expects oil demand to rise by 1 million barrels a day next year, roughly half the demand growth seen in 2023 and 100,000 barrels a day less than last month's forecast. "Non-OPEC+ oil supply, now at its highest level ever, nearly matches the OPEC+ alliance barrel-for-barrel and looks set to do so through next year," the IEA said."That's a dramatic change from 2017, when OPEC+ was first established."
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