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A new report from the International Energy Agency predicts the growth in demand for oil is going to slow down before reaching a peak of about 106 million barrels a day by 2030. At the same time, the agency expects oil production capacity to surge to nearly 114 million barrels per day; that's 8 million barrels per day above the projected global demand. According to the agency "such a massive cushion could upend the current OPEC-plus market management strategy aimed at supporting prices." Patrick De Haan, the head of petroleum...

A new report from the International Energy Agency (IEA) highlights a potential oversupply of oil by the decade’s end, driven by increased production and decreased demand as consumers and businesses turn to electric vehicles and renewable energy sources. The IEA’s announcement Wednesday forecasts the global oil supply capacity rising to approximately 114 million barrels per day by 2030. The projected capacity would surpass expected demand by 8 million barrels per day, marking a significant surplus not seen since the COVID-19 pandemic lockdowns of 2020. The rise in oil supply is...

LONDON, June 12 (Reuters) - Global oil demand will peak by 2029 and begin to contract the next year, the International Energy Agency said on Wednesday, while oil supply capacity is due to vastly outpace demand by the end of the decade. The Paris-based energy watchdog sees supply capacity hitting nearly 114 million barrels per day (bpd) by 2030, or a full 8 million bpd above projected demand in its annual oil report. "This report's projections, based on the latest data, show a major supply surplus emerging this decade, suggesting...