Reported about 1 year ago
The International Energy Agency (IEA) has issued a warning about a looming surplus of oil by 2030, exceeding demand significantly. Factors such as the COVID-19 pandemic, wars, and the transition to alternative energy sources are contributing to this imbalance. The IEA forecasts peak oil demand by 2029, leading to an 8 million barrels per day surplus in oil production by the end of the decade. Advanced economies will experience a decline in oil demand, while growth is expected in Asian markets like India and China. The excess supply will challenge producers, with predictions of lower oil prices and implications for organizations like OPEC+ and the US shale industry as the energy landscape shifts towards electric vehicles and carbon reduction methods.
Source: YAHOO