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Oil Industry Outlook

An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas.

Brandon Bell | Getty Images News | Getty Images

The International Energy Agency said on Wednesday that a U.S.-led surge in global oil production is expected to outstrip demand growth between now and the end of the decade, pushing spare capacity to unprecedented levels and potentially upending OPEC+ market management.

The forecast prompted a stern warning for Big Oil from IEA Executive Director Fatih Birol, who suggested the world’s largest energy majors may wish to align their business strategies with the changes taking place.

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