Pump jacks draw crude oil from the Long Beach Oil Field under Discovery Well Park in Signal Hill, Calif., on March 9, 2020. David McNew/AFP via Getty Images
The global oil market appears oversupplied on paper, but underlying conditions point to much tighter supply dynamics, the International Energy Agency (IEA) said on Thursday in its latest monthly report.
Despite a surge in oil production and inventories, the agency said strong seasonal demand, concentrated stockpiling of crude oil in China and gas liquids stocks in the United States, and firm refining margins suggest that available supply is not as ample as headline figures imply.
