2029 marks the peak of global oil demand at 105.6 million barrels per day, followed by a decline in 2030, while supply capacity surges to 114 million barrels per day

The International Energy Agency (IEA) forecasts that global oil demand will peak in 2029 at 105.6 million barrels per day, and is set to decline in 2030. The IEA also predicts that supply capacity will surge to nearly 114 million barrels per day by 2030, creating an 8 million barrels per day surplus. This surplus is expected to disrupt OPEC+ market management and create challenges for US shale industries.

June 12, 2024
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