Energy transition and peak demand predictions have spooked investors in oil, putting the prospect of peak production sooner than anticipated accompanied by wild price spikes.
"On current trends, global oil supply is likely to peak even earlier than demand," the research department of bank Morgan Stanley said in a note this week. Graphic: Global oil demand and declines in supply by scenario https://fingfx.thomsonreuters.com/gfx/mkt/jnpwewkyrpw/globaloildemand.PNG The mismatch between demand for oil and other polluting fossil fuels roaring back to normal and output having lagged has helped contribute to an energy crunch in Europe and Asia, with crude prices soaring to multi-year highs.
The IEA does not predict an immediate peak to oil supply, with producer club OPEC and Russia comprising a rising share of supply in the next decade.OPEC's annual outlook last month saw global supply nearing a plateau in 2045 but no clear peak.
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