On January 15th, the US Energy Information Administration (EIA) announced on Tuesday that it expects the world oil market to have an average surplus of 800000 barrels per day by 2026, which is more than twice the agency’s forecast of a supply surplus of 300000 barrels per day this year. In last month’s report, EIA predicted a slight supply shortage this year. EIA predicts that oil production from OPEC member countries and non OPEC oil producing countries will increase in the next two years, while oil consumption from OECD countries is expected to slightly decrease in 2026. The institution expects that demand from China and India will continue to grow next year.
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