Global Oil Demand Will Peak By 2029: International Energy Agency

(MENAFN- The Peninsula) QNA

London: The International energy Agency (IEA) said on Wednesday that global oil demand is expected to reach its highest point by 2029 and start to decrease the following year. Additionally, the IEA projects that oil supply capacity will significantly exceed demand by the end of this decade.

The IEAs June 2024 Oil market Report published on Wednesday forecasts that global oil demand, which includes biofuels, averaged just over 102 million barrels per day (mbbl/d) in 2023 and will level off near 106mbbl/d towards the end of this decade.

Read Also
  • 'Stronger-than-expected' growth for non-oil sectors in H2 2024
  • OPEC+ agrees to extend oil output cuts until end of 2025

Global oil production capacity is expected to increase in the coming years, with the US leading the surge. This increase is anticipated to surpass the growth in demand until 2030. The report predicts that by 2030, total supply capacity will reach nearly 114mbbl/d, or 8mbbl/d more than the projected global demand.


The Peninsula

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.