International Energy Agency Director Fatih Birol said on Thursday that oil demand growth is less than one million barrels per day and that a substantial surplus was expected.
He said that it is up to OPEC+ countries to decide what they are going to do “but given the demand being less than one million barrels per day growth, we expect a substantial surplus with substantial production coming from the American quintet: the US, Canada, Brazil, Argentina, and Guyana.”
Birol also said the agency is entering the final phases of India becoming a full IEA member.
(Reporting by America Hernandez, Forrest Crellin; Editing by Charlotte Van Campenhout/Sudip Kar-Gupta)