Reported 8 months ago
The International Energy Agency (IEA) forecasts a significant oil surplus in the coming decade as global demand levels off due to the transition away from fossil fuels, with consumption expected to reach 105.6 million barrels a day in 2029. Despite some growth in oil consumption in developing countries like India and China, overall demand is projected to decrease in developed economies and plateau in China by the end of the decade. The surplus in oil production capacity, led by the US, could impact prices negatively, as global oil markets continue to see a shift towards cleaner energy sources.
Source: YAHOO