Almost 100% of oil market analysts see the market as oversupplied this year, just as it was oversupplied last year. The size of the supply overhang, however, matters. Led by the International Energy Agency, a lot of analysts predicted that the overhang at millions of barrels. Then the IEA had to revise its prediction—again. Because demand turned out to be stronger than expected. In its latest Oil Market Report, released earlier this week, the International Energy Agency forecast global oil demand would expand by 930,000 barrels daily in 2026.…
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