Oil producers, particularly in the Middle East and the US, are stepping up their investments in pumping more crude. Photo / Getty Images
The International Energy Agency predicts there’ll be more than 8 million barrels a day of excess capacity by 2030 as producers invest in pumping more crude.
The world faces a “staggering” surplus of oil equating
The IEA cautioned its forecast for shrinking oil demand could be derailed by “relatively minor changes” in events. For example, a 0.3 per cent annual increase in the world’s GDP growth, a US$5 annual drop in real oil prices, or a 15 per cent slowdown in the rollout of EVs would each be enough to swing oil consumption back to growth by the end of the decade.
