London | The world faces a “staggering” surplus of oil equating to millions of barrels a day by the end of the decade as oil companies increase production, undermining the ability of OPEC+ to manage crude prices, the International Energy Agency has warned.
While demand is forecast to peak before 2030, continued investment by oil producers, led by the US, would by then result in more than 8 million barrels per day (b/d) of spare capacity, the IEA wrote in its annual report on the industry released on Wednesday.
