IEA sees ‘major’ oil supply surplus emerging by 2030

Paris, France (AFP) – 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 seen reaching 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.

nal/ngu/uh/js/lth

© Agence France-Presse

Featured image credit: wirestock | Freepik.com