The world could soon see a massive oil glut. Here's why.

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Oil And Gas أخبار

الإمارات العربية المتحدة أحدث الأخبار,الإمارات العربية المتحدة عناوين

The International Energy Agency is predicting an oil glut by 2030 due to increased production and lower demand.

The world could have a glut of oil by the end of the decade because of rising production combined with declining demand as consumers and businesses switch to electric vehicles and renewable energy, according to a new report from the International Energy Agency.

Could gas prices decline?It's possible that an oversupply of oil could lead to a 'lower price environment,' according to the IEA report. However, the analysis includes three projections for where oil prices could be in 2030, ranging from a high of more than $90 a barrel to a low of less than $60 a barrel within six years. Currently, oil is trading at about $82 a barrel. Still, one expert cautioned against reading too much into the report.

 

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الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين

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