We've been dealing with not enough oil to meet global demand, but if this peace deal works out,

we may end up with too much.

From Marketplace in Washington, I'm Kimberly Adams.

There could be a glut of oil on the market next year.

That's according to a report out this morning from the International Energy Agency.

The IEA says if the Middle East

peace deal holds and the Strait of Hormuz reopens, oil will start flowing again gradually,

then really pick up. Marketplace's Nancy Marshall-Genzor has the details.

Here's a new twist on the old supply and demand story. The IEA says next year demand for oil won't be able to

keep up with supply. This is the IEA's first monthly report on the 27 oil market, and it looks good

for consumers because when supply outstrips demand, prices fall. The report predicts a, quote, significant overhang emerging next year,

with oil supplies surging by around 8 million barrels per day, while global demand grows by just

2 million barrels a day. This won't happen all at once. The IEA says it'll take a while to clear

mines out of the strait. Supply chains will take

time to get back to normal, and global oil reserves could still reach historic lows before the

market shifts into surplus mode. The report says that'll happen toward the end of this year.

I'm Nancy Marshall Genser for Marketplace podcast. This is uncomfortable. We all have that one financial task we're putting off. Maybe it's a bill you need a dispute, some

paperwork you've got to submit, an account you've been neglecting. Personally, I've got a pretty long list.

You know, studies show that it's much easier to get things done if you do them alongside someone

else. So on July 1st, that is what we're going to do. I'm hosting a virtual co-working event

where we all show up with at least one financial task we've been avoiding and spend an hour

finally dealing with it together. So please bring the thing you've been putting off. I'll bring mine,

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