IEA Director Says Oil Demand Growth under 1 Million bpd, Expects Substantial Surplus

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.