IEA Sees Little Chance That OPEC+ Will Supply More Oil

The outlook from the Paris-based organization that advises major developed economies on energy policy suggests the burden of satisfying global oil demand growth in the latter part of the year will fall on countries outside the Organization of Petroleum Exporting Countries and its allies.

Non-OPEC+ supply is projected to rise by 1.7 million barrels a day this year and 1.9 million next year, according to the IEA. That’s a significant acceleration compared with last year, but still falls short of 2.1 million barrels a day of demand growth expected in 2022 and 2023.