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OPEC+ announced on December 5, 2024 a third three-month delay to planned output increases, pushing the timeline to April 2025 and full unwinding of cuts to December 2026. The IEA estimates that if the April increase proceeds, the 2025 global oil surplus would reach 1.4 million bpd.
Overproduction by some members and non-OPEC supply growth are cited as continuing pressures.
A projected 2025 surplus points to ample supply and softer crude prices, which lowers costs for diesel and freight. Feed buyers may see lower energy-linked input costs if the surplus materializes.
ogj.comConglin Xu, Laura Bell-HammerJan 6, 2025Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
