IEA Sees Massive Oil Supply Glut at the End of This Decade

Oil demand growth is set to slow in the coming years and global demand will peak in 2029, while rising production will lead to a major glut this decade, the International Energy Agency (IEA) said in its new medium-term oil outlook on Wednesday.   The clean energy transition and the “stellar growth” in global EV sales are expected to lead to slowing oil demand growth with worldwide consumption set to peak in 2029 and begin falling the following year, according to the IEA’s report Oil 2024, the agency’s…