According to the head of the International Energy Agency’s oil markets and industry division, the global oil market is set to register a slight supply surplus next year, even if OPEC+ members extend their output cuts into 2024.
However, at present, the global market is in a deficit.
“Global oil stocks are at low levels, which means that you risk increased volatility if there are surprises on either the demand side or the supply side,” Toril Bosoni was quoted as saying by Reuters.
As of 12:37 GMT on Tuesday West Texas Intermediate Crude Oil Futures for January delivery were edging down 0.41% to trade at $77.51 per barrel.
At the same time, Brent Oil Futures for January delivery were edging down 0.43% on the day to trade at $81.97 per barrel.