Glut of oil predicted next year by key agency
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The International Energy Agency forecasts an oil supply surplus of over one million barrels per day next year, despite recent capacity reductions by major producers. This surplus represents about 1% of global output.
November 14, 2024 | 1:15 pm
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Shell (SHEL) may face pressure on its stock price due to the predicted oil supply glut next year, as the surplus could lead to lower oil prices.
The forecasted oil supply surplus suggests that oil prices may decrease, which could negatively impact Shell's revenue and stock price. As a major oil producer, Shell's financial performance is closely tied to oil prices.
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