OPEC+ Supply Increase Could Trigger Oil Surplus, IEA Data Suggest

14 Aug 2024 CW Team

The International Energy Agency's data indicated that global oil markets are expected to shift from a deficit to a surplus in the next quarter if OPEC+ follows through with its plans to increase supplies. The Paris-based agency reported that oil inventories are currently decreasing due to high summer driving demand but are anticipated to stabilise in the final quarter of the year.

The report suggested that this stabilization could lead to an oversupply if OPEC+ moves forward with its tentative plans to resume previously halted output starting in October. The IEA also noted that oil consumption in China, the largest importer, declined for a third consecutive month in June.

The agency, which provides advice to major economies, pointed out that despite the significant slowdown in Chinese oil demand growth, OPEC+ has not yet decided to abandon its strategy of gradually reversing voluntary production cuts beginning in the fourth quarter. OPEC+, led by Saudi Arabia and Russia, has proposed a plan to increase production by about 543,000 barrels per day in the final quarter of the year but emphasized that this plan could be "paused or reversed" based on market conditions, with a decision expected in the coming weeks.

Crude oil prices have been fluctuating recently due to the summer driving surge and concerns over rising geopolitical tensions in the Middle East, coupled with signs of slowing economic growth in China. Brent futures are trading near $80 a barrel.

The IEA noted that currently, supply is struggling to meet peak summer demand, causing the market to experience a deficit. Consequently, global inventories have been affected, with stockpiles decreasing by 26.2 million barrels in June.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..