Resurgent Oil Supply Expected to Soothe Tight Market

Rebounding economic activity and natural gas shortages recently pushed the developed world’s oil reserves to their lowest since early 2015, but growing crude supply could soon ease that pressure, the International Energy Agency said Tuesday.

In its closely watched monthly market report, the IEA said that the tight supply and demand balance in the global oil market could be about to ease. It expects output to rise by 1.5 million barrels a day in the remainder of 2021, with the U.S., Saudi Arabia and Russia accounting for around half of that amount.