Global Oil Markets to Tip Into Surplus by End of Decade, IEA Says

Global oil markets are projected to experience a significant surplus by the end of the decade, with spare capacity reaching levels witnessed during the early stages of the pandemic. This is due to a decrease in demand growth and an increase in supply. The International Energy Agency has forecasted that oil-demand growth will slow down in the coming years as clean-energy technologies advance, resulting in a consumption of 105.4 million barrels per day by 2030. Concurrently, oil-production capacity is estimated to rise to around 113.8 million barrels per day, driven mainly by U.S. and Americas producers.