Major Oil Supply Surplus Likely By 2030, Says International Energy Agency
NDTV
Global demand is expected to "level off" at 106 million barrels per day (bpd) toward the end of this decade, the IEA said.
The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.
Global demand is expected to "level off" at 106 million barrels per day (bpd) toward the end of this decade while overall supply capacity could reach 114 million bpd -- resulting in a "staggering" surplus of eight million bpd that oil markets should prepare for, the IEA said.
The forecast comes days after the OPEC+ group of major crude producers signalled they would start to unwind output cuts this autumn, implemented in a bid to support prices against fears of weakening worldwide demand.
