The International Energy Agency reported that oil supplies may outperform demand soon, with a number of producing countries heading to pump record levels, including Brazil, Canada and the United States.
The agency does not rule out that Russia and Saudi Arabia are breaking production records Which it pumped in the past, with the gradual increase in production continuing within the OPEC Plus agreement.
And the International Energy Agency expected global production to rise by more than 6 million barrels per day from previous expectations this year, with the support of Saudi production.
The International Energy Agency warned that commercial oil and fuel stocks in OECD countries are at their lowest levels in seven years, which could lead to market volatility in the event of supply disruptions.
On the other hand, the agency raised its forecast for demand growth by 200,000 barrels per day for this year to 99.7 million barrels per day, due to the limited impact of the Omicron mutator on the economy.