Reported about 1 year ago
The International Energy Agency predicts a significant oversupply in the global oil market in the coming years, with supply projected to surpass demand by 8 million barrels per day starting in 2025. Global oil demand is expected to plateau and peak before 2030, leading to lowered crude oil prices worldwide. The report also highlights that oil production capacity, particularly in the United States and the Americas, will outpace demand growth, creating unprecedented spare capacity levels and potential challenges for major oil-producing nations.
Source: YAHOO