The World Will Be Swimming in Excess Oil by End of Decade, IEA Says
Global oil markets are headed toward a major glut this decade, a global energy watchdog forecast, citing surging supplies and slowing demand growth for crude thanks to lower-emissions energy sources.Oil-demand growth is set to peak by 2029 and start to contract the following year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to ramp up to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.Despite the slowdown, global oil demand in 2030 is still forecast to rise by 3.2 million barrels a day from 2023, the agency said. The increase will be driven by strong demand from economies in Asia--particularly by a surge of petrol use in India and a booming petrochemical sector in China. But rising electric-car sales, fuel-efficiency improvements and the use of renewables for electricity generation will increasingly offset ga
