IEA Sounds Alarm on Oil Industry: Demand Peak Expected by 2029

Wednesday, 12 June 2024, 07:41
The International Energy Agency (IEA) predicts a significant shift in the global oil market as demand is projected to reach its peak by 2029. This forecast is accompanied by warnings of a looming supply glut, signaling potential challenges for the energy sector. With the industry at a critical juncture, stakeholders are urged to prepare for substantial changes in the coming years, with implications for both producers and consumers.
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IEA Sounds Alarm on Oil Industry: Demand Peak Expected by 2029

IEA Warning on Oil Industry:

Key Points:

  • Global Implications: IEA forecasts peak oil demand by 2029.
  • Supply Concerns: Major supply glut anticipated in the near future.

According to the International Energy Agency (IEA), the global oil market is set to undergo a significant transformation with demand expected to peak by 2029. This projection comes alongside warnings of a looming supply glut, raising challenges for industry players. Stakeholders must brace for substantial changes ahead, influencing both production and consumption patterns.

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