There will be a 'staggering' glut of oil by the end of the decade as firms ramp up production, the International Energy Agency has warned. In its annual report on the industry, the IEA said demand for oil looks set to peak by 2029, amid bumper levels of production, driven by the US. Global demand for oil will contract from 2030 onwards, the findings added. By contrast, oil demand in advanced economies falls sharply.' The Paris-based energy watchdog sees supply capacity hitting nearly 114million barrels per day by 2030, or a full 8million bpd above projected demand in its annual oil report.

Source: Daily Mail June 12, 2024 11:41 UTC