International Energy Agency: World will amass ‘major’ oil surplus by 2030

— The world is likely to have a major surplus of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said today. — Reuters picPARIS, June 12 — The world is likely to have a major surplus of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said today.

This would result in a “staggering” surplus of eight million bpd that oil markets should prepare for, the Paris-based agency said. The forecast comes days after the OPEC+ group of major crude producers signalled they would start to unwind output cuts this autumn, implemented in a bid to support prices against fears of weakening worldwide demand.

At the same time, oil production capacity appears set to surge, led by the United States and other countries in the Americas, leading to the forecast of an eight-million-barrel surplus — a level reached only during the Covid-19 lockdowns of 2020.

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