The International Energy Agency (IEA) cut its forecast for next year’s global oil surplus for the first time since May, citing stronger demand expectations and weaker supply from nations facing sanctions.The agency’s December Oil Market Report, released on Thursday, now projects a 3.84 million-barrel-per-day (bpd) glut in 2026, down from the 4.09 million bpd surplus estimated in November.Oil Markets Snapshot: Oil prices were up on Friday. Brent crude futures rose 46 cents to $61.75 a barrel by 3.55 AM ET, w ...