OSLO: The supply of oil and gas will be plentiful, with oil markets being “comfortable” this year and next unless major geopolitical escalation happens, the head of the International Energy Agency (IEA) Fatih Birol told a conference in Norway on Tuesday.

Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the IEA said on Nov. 14 as rising production from the United States and other outside producers outpace sluggish demand.

IEA sees oil surplus looming, reassures on Iran supply risk

The prospect of excess supply is a headwind for OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, in its plan to start raising output.

“This year and next year, we expect comfortable oil markets unless a major geopolitical escalation happens,” Birol said on Tuesday.

“There will be plenty of oil and gas.”