Oil Today: IEA Raises Its Estimates for Global Supply

 


The International Energy Agency (IEA) has released its estimates for global oil supply, projecting a figure of 920,000 barrels per day. Global oil supply rose by 2.3 million barrels per day, reaching 105.4 million barrels per day during the final quarter of the year—surpassing global demand, which is estimated at 102.3 million barrels per day for 2026.

This announcement helped stabilize today's price of Brent crude at around $96 per barrel and West Texas Intermediate (WTI) at approximately $88.55 per barrel, despite upward pressure stemming from diminishing prospects for an agreement to end the conflict between Washington and Tehran.

Key factors underlying the IEA’s report include an abundance of U.S. supply and the decision by Gulf Arab states—specifically Saudi Arabia and Kuwait—to prioritize maintaining their market share by increasing their oil exports.

Meanwhile, energy markets are awaiting the release of data on the number of active U.S. drilling rigs, even as technology stocks on Wall Street continue to face downward pressure.

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