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Slowing demand growth and surging supply put global oil markets on course for major surplus this decade
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 towards levels unseen outside of the Covid crisis, according to the IEA’s new oil market outlook. Oil 2024, the latest edition of the IEA’s annual medium-term market report, examines the far-reaching implications of these ... (full story)