The Globe and Mail reports in its Wednesday, Oct. 16, edition that the International Energy Agency reported that the world oil market is expected to have a significant surplus in the coming year. A Reuters dispatch to The Globe reports that this is due to the fact that public stocks currently exceed 1.2 billion barrels, and the spare capacity in OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies like Russia, is at historically high levels. The IEA emphasized that it is prepared to take action if necessary as supply developments continue, and it noted that unless there is a major disruption, the market will likely face a considerable surplus in the new year. Additionally, the IEA revised its global oil demand growth forecast for this year, attributing the adjustment to a slowdown in China. This update follows a similar downward revision made by OPEC. Oil was down more than 4 per cent a barrel toward $74 (U.S.) on Tuesday, pressured by the weaker demand outlook and after a media report said Israel is willing not to strike Iranian oil targets. The IEA said world oil demand will rise by 860,000 barrels a day this year, down 40,000 b/d from the previous forecast.