The International Energy Agency revealed that oil supplies may outpace demand soon, with a number of producing countries, including Brazil, Canada and the United States, to pump record levels.< /p>
According to Arabiya Net, the agency does not rule out that Russia and Saudi Arabia will break the record production levels that they previously pumped, with the gradual increase in production within the OPEC Plus agreement continuing.
And the International Energy Agency expected global production to rise by more than 6 million barrels per day from previous expectations this year, with the support of Saudi production.
The International Energy Agency has warned that commercial oil and fuel stocks in OECD countries are at their lowest levels in seven years, which could lead to market volatility in the event of supply disruptions.
On the other hand, the agency raised its forecast for demand growth by 200,000 barrels per day for this year to 99.7 million barrels per day, due to the limited impact of the Omicron mutation on the economy.
