OPEC+ Stares Down 2027 Glut as Supply Rebounds Eight Times Faster Than Demand

The IEA projects global oil supply will jump 8 million barrels daily in 2027 while demand grows just 1 million barrels daily. That eight-to-one mismatch threatens a return to the pre-war surplus that plagued markets before the Strait of Hormuz closure. OPEC+ announced production adjustments July 5, but the numbers suggest deeper trouble ahead: cutting aggressively risks losing market share; cutting lightly risks accelerating the glut.