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.
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