IEA forecast depends on mid east stability oops!!! On the supply side, the IEA expects oil producers outside the Organization of the Petroleum Exporting Countries and its allies — known as OPEC+ — to “dominate medium-term capacity expansion plans,” including the United States, Brazil and Guyana. Global supply capacity is expected to increase by 5.9 million barrels per day to 111 million barrels per day by 2028, and result in a spare capacity cushion of 3.8 million barrels per day, mainly concentrated in the Middle East, particularly Saudi Arabia and the United Arab Emirates.
Source: International Energy Agency Russian output remains “clouded,” with the IEA predicting declines as a result of sanctions on Moscow’s seaborne oil and petroleum products exports since the end of last year, along with the departure of Western companies that facilitated production. The IEA expects Russian supplies to ease by a net 710,000 barrels per day for the six-year foreca