IEA's Warning: Excess Oil Capacity Could Reach 8mn b/d by the End of the Decade

Wednesday, 12 June 2024, 11:19

The International Energy Agency (IEA) issued a stark prediction of a 'staggering' oil glut looming by 2030, with more than 8 million barrels per day of excess capacity anticipated. Producers are ramping up investments in crude production, raising concerns about potential market saturation. The scenario paints a challenging future for the oil industry and global energy markets, signaling the urgent need for strategic adaptations and policy reforms.

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IEA's Predictions on Global Oil Market

The International Energy Agency (IEA) warns of a 'staggering' oil glut by 2030.

Excess Capacity Concerns

Projections show over 8 million barrels per day of surplus.
Producers investing heavily in crude output.

Market could face challenges due to potential saturation.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.