The IEA predicts a future oil supply glut due to electric vehicles and rising non-OPEC production, but past predictions of oil decline have been inaccurate.
The International Energy Agency IEA recently released its Oil 2024 report, which examines the global dynamics for oil supply security, refining, trade, and investment. The report received considerable media attention because of the projection that by 2030 oil production will reach “a staggering 8 million barrels per day above projected global demand.
The article looked at trends of electric vehicle sales, and wrote “If that level of growth continues, the crash-triggering benchmark of 2 million barrels of reduced demand could come as early as 2023.
Electric Vehicles OPEC Supply Demand International Energy Agency (IEA) Bloomberg Investment
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
T20 World Cup: 'Cricket's American Dream finally puts world into World Cup'The T20 World Cup is more than cricket's attempt to crack America, it is also the game finally opening its doors to the whole planet, says Stephan Shemilt.
Read more »
T20 World Cup: England must show why they are world champions after reaching Super 8sSky Sports' Nasser Hussain reflects on England's qualification through to the Super 8s stage of the T20 World Cup and looks ahead to their game against the West Indies.
Read more »
Princess Charlotte 'hands back' lavish gift worth staggering £36,000Princess Charlotte, who is third in line to the throne, was forced to 'give back' a gift worth an eye-watering £36K due to royal protocol meaning she couldn't keep it
Read more »
Tyson Fury given shock world ranking after losing world title to Oleksandr UsykTyson Fury is now behind Anthony Joshua in the WBC world heavyweight rankings.
Read more »
T20 World Cup: 'Scots not far away' from beating world best'Brandon McMullen suggests Scotland are 'not far away from beating the best in the world' after hitting 60 in their narrow T20 World Cup defeat by Australia.
Read more »
Tesla shareholders agree to pay Musk staggering sum of $48BThe value falls but the rocket man still gets his gas money
Read more »