Commodities

Major Oil Surplus Seen This Decade as Demand Peaks, IEA Says

  • Global consumption to ‘level off’ by 2029 as supply grows
  • Oil prices could be under pressure until the end of the decade
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Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said.

World consumption will “level off” at 105.6 million barrels a day in 2029, about 4% higher than last year’s level, amid surging sales of electric vehicles and improved fuel efficiency, the Paris-based policy adviser said in its annual medium-term outlook.