IEA Warns Global Oil Supply Surplus Looms by 2030, Impacting Oil Markets

The International Energy Agency warned that a major oil supply surplus is expected by 2030, with global oil production capacity projected to be 8 million barrels per day above demand. Oil demand growth is expected to slow down and peak at around 106 million barrels per day by 2030, up from 102 million barrels per day currently. This large supply surplus could significantly impact oil markets and producers like OPEC nations. Aviation, petrochemicals, and fast-growing Asian economies will continue to support global oil demand growth this decade. The IEA warned major oil companies to prepare strategies for a future with slower demand growth and potential oversupply.