The International Energy Agency (IEA) stated that despite OPEC+ deciding to delay supply increases last week, the global oil market will still face an oversupply next year. In its monthly report, the IEA predicted that if OPEC+ implements a production recovery plan starting in April, the global market will face a surplus of 1.4 million barrels per day. Even if OPEC+ completely cancels its production increase plans for next year, there will still be a surplus of 0.95 million barrels per day. Amid low crude oil prices, OPEC+, led by Saudi Arabia and Russia, agreed again on December 5 to delay the restoration of suspended production plans and to slow down the pace of increasing production once the second quarter begins.