IEA Forecasts Record Oil Surplus by 2026 as Global Demand Slows

The International Energy Agency (IEA) predicts a record oil surplus in 2026 as global demand growth stagnates and producers ramp up production. A surge in inventories, reaching an unprecedented level next year, is anticipated. The IEA estimates that oil stockpiles will climb by 2.96 million barrels per day in 2026, exceeding even the peak levels seen during the COVID-19 pandemic.