Global markets are expected to see an oil surplus of 950,000 barrels per day (bpd) in 2025 despite an extended supply cut by Opec+ nations, the International Energy Agency's (IEA) said, a projection which could be favourable for India as large oil glut may lead to lower oil prices.
India imports 85 per cent of its crude requirements.
In case the Opec+ bloc begins unwinding the voluntary cuts from the end of March 2025, this overhang would rise to 1.4 million bpd, the IEA said in its Oil Market Report for December.
"A key uncertainty for the trajectory of Opec+ crude supply remains the level of compliance with agreed targets, with our estimates showing collective output 680,000 bpd above targets in November," IEA said.
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