According to data from the International Energy Agency (IEA), if OPEC+ continues to implement plans to increase supply, the global oil market will shift from supply shortages to supply surpluses in the next quarter. The organization stated in its report that the current decline in oil inventories is due to high summer driving demand but is expected to stabilize in the fourth quarter of this year. The report also points out that if OPEC+ continues to push forward with plans to restore idle production capacity beginning in October, it may lead to supply overhangs. The IEA stated that, despite China's significant slowdown in demand for oil, OPEC+ has yet to stop its voluntary production cut plan starting from the fourth quarter. The organization provides advice to major economies.

The organization stated in its report that oil inventories are currently declining due to high summer driving demand but will stabilize in the fourth quarter of this year.

The report points out that if OPEC+ continues to push forward with plans to restore idle production capacity beginning in October, it may lead to supply overhangs. The IEA stated that, despite China's significant slowdown in demand for oil, OPEC+ has yet to stop its voluntary production cut plan starting from the fourth quarter. The organization provides advice to major economies.

OPEC+, led by Saudi Arabia and Russia, has outlined a 'blueprint' to restore production of about 543,000 barrels per day in the fourth quarter of this year, but emphasizes that this plan may be 'paused or reversed' depending on market conditions. This decision may be made in the next few weeks.

Due to concerns about the high demand for summer driving and the escalating geopolitical tensions in the Middle East, crude oil prices have recently fluctuated, with Brent crude oil futures trading at nearly $80 per barrel. The IEA stated that 'currently, supply is struggling to keep up with summer peak demand, resulting in supply shortages in the market. As a result, global inventories are affected. Inventory decreased by 26.2 million barrels in June.'

The IEA states that 'currently, supply is struggling to keep up with summer peak demand, resulting in supply shortages in the market. As a result, global inventories are affected.' Inventory decreased by 26.2 million barrels in June.

'Major shift' - The IEA noted that the growth in demand from developed economies such as the United States is exceptionally compensating for the lack of demand from other emerging countries.

The organization states that 'a major shift in driving factors is emerging. The US economy consumes a third of the world's gasoline, and its performance is better than that of other economies, with the resilience of the service sector supporting road travel.'

However, the current tension in the global oil market will subside. The IEA states that even if OPEC+ cancels its planned production increase, global inventories will accumulate at a staggering rate of 860,000 barrels per day next year due to the surge in supply from the US, Guyana, and Brazil.

The IEA believes that the tension in the global oil market will subside.

The IEA believes that even if OPEC+ cancels its planned production increase, global inventories will accumulate at a staggering rate of 860,000 barrels per day next year due to the surge in supply from the US, Guyana, and Brazil.

Due to the fact that the low crude oil price is too low for many OPEC+ member countries to pay for domestic fiscal expenditures, traders and analysts disagree on whether OPEC+ will continue to increase production.

OPEC has lowered its forecast for oil demand growth in 2024 for the first time in another report released on Monday, citing weak Asian demand. It is worth noting that its forecast for demand growth is still more than twice that of the IEA's estimated rate.

The IEA predicts that global consumption will increase by less than 1 million barrels per day, or about 1%, this year and next, due to the economic downturn and the transition to electric vehicles. The organization estimates that demand will average 10.31 million barrels per day in 2024 and 10.4 million barrels per day in 2025.