Oil markets could shift into surplus in early 2024 as demand growth slows and non-OPEC+ producers lead supply growth, IEA says

• Global oil markets could shift to a surplus in early 2024, as demand growth cools, the IEA said.
• This year has seen record supply from non-OPEC+ countries like US and Brazil.
• Next year, supply is expected to climb to 103.4 million barrels a day, overtaking demand of 102.9 million barrels a day.

World oil markets could flip to a surplus in early 2024, according to the latest monthly report from the International Energy Administration.

That's because demand growth is expected to cool, outpaced by supply growth led by non-OPEC+ producers like the US and Brazil.