"More oil surplus next year" - IEA: Global production will increase, while demand has slowed
The International Energy Agency (IEA) said the global oil market will face an even bigger surplus next year, up to 4.09 million barrels per day. OPEC+ producers and their rivals are expected to increase output as demand growth slows.
"Global oil market balances are looking increasingly unbalanced, as global oil supply is increasing while demand growth remains modest by historical standards," the agency said in its monthly report for November.
The institute expects global oil supply to increase by about 3.1 million barrels per day in 2025 and 2.5 million barrels per day next year. That would bring the projected surplus for 2026 to 120,000 barrels per day, up from the 3.97 million barrels per day it said in its October report.
Global oil production was 6.2 million barrels per day higher in October than at the start of the year, split evenly between OPEC+ producers and others. Saudi Arabia contributed 1.5 million barrels per day of the increase, while Russia added just 120,000 barrels per day due to sanctions and the Ukraine attacks.
Despite new US sanctions on Russian firms Rosneft and Lukoil, which "could have a broader impact on global oil markets," Russian exports have continued largely uninterrupted, the report noted.
The agency also expanded its demand growth forecasts by 80,000 barrels per day for 2025 and 70,000 barrels per day for 2026, citing increased needs for petrochemical feedstocks.
Prime Minister Edi Rama, at the Annual Conference of the IAIS (International Organization of Insurance Supervisors)
Prime Minister Edi Rama is participating in the Annual Conference of the IAIS (International Organization of Insurance Supervisors). This is the largest......
Energy Agreement, Balluku: Evidence of Close Cooperation with the Italian Government
The agreement to strengthen the energy transmission network in Northern Albania is proof of close cooperation with the Italian Government. This is what......
Albania-Italy cooperation, Rama: Historic day for Albania's international relations
Albania and Italy, for the first time, held a joint government meeting, where 16 joint agreements were signed. The government cabinet led by Chief Executive......
Labor market formalization, Taxes: 24,225 more employees declared in September
24,225 new employees have been added to the tax contribution scheme. This figure was published by the General Directorate of Taxes on its social networks.......
"KAYO", at the center of the Rome agreements - Vengu: We sign 8 agreements on defense and military industry
Defense Minister Pirro Vengu provided further details on the agreements signed in Rome in the field of defense. Minister Vengu stated that out of the 16......
Strategic cooperation with Italy in 10 sectors - Agreements signed. From energy, innovation to the security and defense industry
Albania and Italy have launched strategic cooperation in the fields of healthcare, energy, environment, security and defense industry, migration management,......
Funds for vocational training increased - Budget 2026, 1.3 billion lek investments for the next three years
For the labor market, the 2026 draft budget foresees a fund of about 1.3 billion lek for investments over a three-year period. The Central Directorate of the......
Public transport in tourist destinations - The first itineraries of the "MobAl" company are released, it will also offer school transport
After the creation of the public company "MobAl", whose activity focuses on operating public road passenger transport services, some of the first itineraries......
