Reported 7 months ago
The International Energy Agency (IEA) released its latest monthly report predicting that by 2030, the global oil market will face a severe oversupply situation due to slowing demand growth and increased supply, with idle production capacity reaching levels similar to the early stages of the COVID-19 pandemic. Oil prices rose with Texas crude futures climbing 1.3% to $78.92 a barrel and Brent crude up 1.2% to $82.87 amid peak summer oil demand and OPEC+ production cuts tightening supplies for the third quarter. IEA estimates that as clean energy technologies accelerate, the growth rate of oil demand will slow in the coming years, reaching 105.4 million barrels per day in 2030, while daily oil supply, driven by the US and American producers, will increase to nearly 113.8 million barrels, resulting in an oversupply of around 8 million barrels per day by 2030.
Source: YAHOO