Big Oil warned by IEA that peak crude and a major supply surplus are on the horizon
What specific level of oil demand does the IEA predict will be reached by 2030, according to their latest medium-term market report titled Oil 2024?
According to the IEA's latest medium-term market report titled Oil 2024, oil demand is projected to reach its peak at near 106 million barrels per day by 2030.
What implications did the IEA warn could result from the projected surplus in oil supply?
The International Energy Agency warned that the projected surplus in oil supply could have "significant consequences" for oil markets, including impacts on the U.S. shale industry and producer economies in OPEC and beyond. The IEA also advised oil companies to ensure their business strategies and plans are prepared for the changes taking place due to the major supply surplus emerging this decade.
How does the IEA's forecasted oil production capacity for 2030 compare to the projected global oil demand for the same year?
The International Energy Agency (IEA) forecasts that the total oil production capacity will surge to nearly 114 million barrels per day by 2030. In contrast, the projected global oil demand for the same year is expected to peak at near 106 million barrels per day6. This means that the production capacity is approximately 8 million barrels per day higher than the anticipated demand. Such a significant surplus could have major consequences for oil markets, including the U.S. shale industry and producer economies in OPEC and beyond.