IEA Sees Little Chance That OPEC+ Will Supply More Oil

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According to the International Energy Agency, there isn't likely to be an increase in output from the Organization of the Petroleum Exporting Countries in the near term.

The 100,000 barrel-a-day hike promised for September may turn into a cut as Russian production decreases.

In its monthly report on Thursday, the IEA said that low levels of operational spare production capacity, held mainly by Saudi Arabia and the United Arab Emirates, may mean that there will be no further increase in output from the Organization of the Petroleum Exporting Countries.

According to the Paris-based organization that advises major developed economies on energy policy, the burden of satisfying global oil demand growth in the last half of the year will fall on countries outside the Organization of Petroleum Exporting Countries and its allies.

According to the IEA, non-OPEC supply is expected to increase by 1.7 million barrels a day this year and 1.9 million next year. That is an improvement over last year but still falls short of the 2.1 million barrels a day of demand growth expected in the next two years.