International Energy Agency: Global oil supply will be seriously surplus by 2030

2024-06-13 16:19 Xinhua Editor in charge: Chen Xi

Xinhua News Agency, Paris, June 12 (Reporter Xu Yongchun) The International Energy Agency (IEA) released the 2024 mid-term oil market report on the 12th, saying that with the slowdown of demand growth and the sharp increase of supply, the global oil market is expected to face serious oversupply by 2030.

The report said that the strong demand of Asia's fast-growing economies and the aviation and petrochemical industries is expected to drive the growth of oil consumption in the next few years, but the growth of oil consumption will be increasingly offset by the development of electric vehicles, the improvement of fuel efficiency of traditional vehicles, the reduction of oil consumption for power generation in the Middle East, and the transformation of economic structure.

The report says that in 2023, the global oil demand, including biofuels, will be about 102 million barrels per day. From now to 2030, it is expected that the global oil demand will tend to be stable, which is about 106 million barrels per day.

In terms of supply, it is mainly driven by the expansion of oil producing countries in the United States and other Americas. Global oil production capacity will increase significantly in the next few years, leading to excess oil supply. The report predicts that by 2030, the global total oil supply capacity will approach 114 million barrels per day, 8 million barrels higher than the demand, which may have a significant impact on the oil market.

Fatih Birol, Director of the International Energy Agency, said that with the promotion of the clean energy transformation and the transformation of the economic structure of some major economies, the growth of global oil demand is slowing down and will peak in 2030.

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