World on Brink of Oil Glut as Supply Outpaces Demand, IEA Alerts
Thursday, 13 June 2024, 10:34
Global Energy Situation
The International Energy Agency (IEA) has raised concerns over the significant surplus of oil that is projected to outstrip global demand, leading to exceptional spare capacity.
IEA Warning
According to the IEA, the excess of oil will be unmatched, rivaling levels observed during the Covid-19 lockdowns in 2020.
Future Challenges
- Supply-Demand Imbalance: The impending surplus may pose challenges in maintaining a balance between oil production and consumption.
- Market Uncertainty: Uncertainties loom over how the energy market will handle the surplus and its possible repercussions.
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.