Record Oil Surplus Expected Globally Next Year

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Record Oil Surplus Expected Globally Next Year
Photo: Charlie Riedel/AP/TT

Next year, a record large surplus of oil is expected on the global market due to decreased demand and increased supply, according to the International Energy Agency (IEA).

Oil stocks will next year increase by 2.96 million barrels per day, which is more than even during the pandemic year 2020, according to IEA's monthly report.

The global demand this year and next year is expected to grow at a rate of less than half of the pace seen in 2023.

Crude oil prices have fallen by about 12 percent this year and are traded near 66 dollars per barrel in London.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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