Slowing demand growth and surging supply put global oil markets on course for major surplus this decade

Slowing demand growth and surging supply put global oil markets on course for major surplus this decade IEA 12 June 2024 New IEA medium-term outlook sees comfortably supplied oil markets to 2030, though unwavering focus on energy security will remain crucial as powerful forces transform sector Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity t ...