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Oil need set to peak by 2029, major supply excess looms, IEA says

International oil demand will peak by 2029 and begin to contract the next year, the International Energy Firm stated on Wednesday, while oil supply capacity is due to vastly outmatch demand by the end of the decade.

The Paris-based energy guard dog sees supply capacity hitting almost 114 million barrels per day (bpd) by 2030, or a complete 8 million bpd above predicted demand in its yearly oil report.

This report's forecasts, based on the most recent data, reveal a. major supply surplus emerging this decade, recommending that oil. business may wish to make sure their service methods and. plans are prepared for the modifications occurring, IEA Executive. Director Fatih Birol stated.

Oil need growth will plateau at 105.6 million bpd by 2029,. the IEA said, before contracting somewhat in 2030 as electrical. automobile usage increases, performance improves and power generation moves. away from oil.

The IEA cut its 2024 oil demand development forecast by. 100,000 bpd to 960,000 bpd mentioning sluggish intake in. developed nations, while a soft economy and uptake of green. energy ought to bring 1 million bpd development next year.

(source: Reuters)