Jin10 News October 14th, Gunvor Group, one of the world's largest energy traders, CEO Torbjorn Tornqvist stated that signs of a long-expected oversupply in the oil market are finally beginning to emerge, which may push oil prices lower. “It seems we are now entering a slightly different market phase,” Tornqvist said on Tuesday, “We have heard similar statements in the past, but this time the claim of oversupply has more substantial backing.” The International Energy Agency (IEA) previously stated that the global oil market is expected to see a record average surplus of 4 million barrels per day by 2026. The IEA pointed out that offshore crude oil shipping volumes are accumulating, indicating signs of oversupply. Tornqvist estimated that next year's surplus could be about half of that figure, but it would still constitute a significant oversupply. Therefore, he believes that oil prices should trend lower.
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