The International Energy Agency anticipates a surplus in oil supply this year

Oil supply is set to exceed demand in 2024, according to the International Energy Agency, due to the slowdown in global growth and rising oil production in non-OPEC countries, despite voluntary production cuts by the OPEC+ group. Saudi Arabia and Russia want oil prices to rise above $80 per barrel, but divisions within OPEC have so far prevented this from happening. The IEA now expects oil demand to grow by 1.1 million barrels a day in 2024, compared with 2.3 million barrels a day in 2023. The United States, Brazil, Guyana and Canada are the countries whose oil production could increase the most this year.