A glut of oil will emerge next year if the peace deal in the Middle East holds, the International Energy Agency predicted on Wednesday, as crude production surges in the wake of the Iran conflict.
The IEA’s monthly report on the oil market took its first look at the aftermath of the war, as the US and Iran prepare to sign an interim peace deal on Friday that will extend the current ceasefire for 60 days.
There will be a “gradual” resumption of oil flows from the Gulf this year as countries start to revive oilfields that have been shut for months, IEA analysts said. Production would then rise by 8mn barrels a day (b/d) to 110mn b/d by next year, far ahead of a “relatively modest” 2mn b/d rise in global oil demand, they added.
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