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The International Energy Agency (IEA) has warned of an oversupply in the global oil market, leading to a decline in petrol prices. The agency predicts a significant glut in the world oil market by 2026. In other news, a dispute between a police officer and an entrepreneur in Nickerie, Suriname, ended in a fatal shooting. Meanwhile, the IEA has launched an initiative to connect small and medium-sized enterprises with funding opportunities.

The International Energy Agency (IEA) has issued a warning about an unexpectedly large oil glut. The IEA predicts that drone strikes on Russian refineries will continue to impact operations until mid-2026. In September, Russia's oil exports reached 7.44 million barrels per day, but revenues decreased to $13.35 billion. The IEA anticipates that global renewable energy capacity will double by 2030, but emphasizes the need to accelerate momentum. The IEA has raised its estimate for record oil oversupply in 2026. OPEC+ countries increased their output by 880,000 barrels per day in September, exceeding their target by 910,000 barrels. The IEA has revised down its projections for global petrol demand growth, expecting a modest increase. The IEA is working to broker local ceasefire agreements between Russia and Ukraine to restore energy supply at the Zaporizhzhia nuclear power plant.

IEA Reports: Russia's Oil Exports Drop, Global Supply Up; Demand Growth Anemic Amid Tariff Uncertainty

The IEA warns of a potentially tighter global oil market, despite OPEC+ increasing production. It raised its 2025 supply forecast but downgraded demand growth to the lowest since 2009. The agency also notes Russia's struggle to sustain oil capacity and export revenue.