International Energy Agency: World will amass ‘major’ oil surplus by 2030

— The world is likely to have a major surplus of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said today. — Reuters picPARIS, June 12 — The world is likely to have a major surplus of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said today.

This would result in a “staggering” surplus of eight million bpd that oil markets should prepare for, the Paris-based agency said. The forecast comes days after the OPEC+ group of major crude producers signalled they would start to unwind output cuts this autumn, implemented in a bid to support prices against fears of weakening worldwide demand.

At the same time, oil production capacity appears set to surge, led by the United States and other countries in the Americas, leading to the forecast of an eight-million-barrel surplus — a level reached only during the Covid-19 lockdowns of 2020.

Source: Energy Industry News (energyindustrynews.net)

Oil Markets Surplus

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Govt targets developing ecosystem based on hydrogen energy by 2030KAMPAR: The government is drafting the development of the ecosystem and value chain of vehicles based on hydrogen energy which is one of the agendas i...
Source: theSundaily - 🏆 25. / 51 Read more »

Malaysia yakin capai sasaran 50 % SSL sektor daging menjelang 2030SERDANG: Negara yakin capai sasaran 50 peratus tahap sara diri (SSL) bagi sektor daging lembu menjelang 2030, kata Menteri Pertanian dan Keterjaminan ...
Source: theSundaily - 🏆 25. / 51 Read more »

Mat Sabu: Malaysia confident of achieving 50pc beef self-sufficiency by 2030SERDANG, May 14 — The country is confident of achieving 50 per cent self-sufficiency level (SSL) target for the beef sector by 2030, said Agriculture and Food Security Minister...
Source: malaymail - 🏆 1. / 86 Read more »

Malaysia confident of achieving 50% beef self-sufficiency by 2030SERDANG: The country is confident of achieving 50% self-sufficiency level (SSL) target for the beef sector by 2030, said Agriculture and Food Security...
Source: theSundaily - 🏆 25. / 51 Read more »

Malaysia can 'meat' 50% beef self-sufficiency by 2030, says Mat SabuA visit to Sarawak is incomplete without trying its unique delicacies.
Source: staronline - 🏆 4. / 75 Read more »

Malaysia can hit 50% beef self-sufficiency target by 2030, says Mat SabuSERDANG: The government is confident of achieving its 50% self-sufficiency level (SSL) target for beef by 2030, said agriculture and food security minister Datuk Seri Mohamad Sabu.
Source: DailyExpress_MY - 🏆 3. / 83 Read more »