IEA Trims Oil Glut Forecast as Supply Surge Halts ...Middle East

The oil market still faces record oversupply next year, according to the monthly report by the International Energy Agency (IEA), but the glut estimate is now trimmed by about 230,000 barrels per day compared to the November forecast.  The market is headed to as much as 3.84 million barrels per day (bpd) of supply exceeding demand in 2026, the IEA said on Thursday in its closely-watched report for December.   While this still is a considerable glut, it’s lower than the 4.09 million bpd implied oversupply expected in the November…

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