World faces ‘staggering’ oil glut by end of decade, energy watchdog warns

A new report from the International Energy Agency (IEA) highlights a potential oversupply of oil by the decade’s end, driven by increased production and decreased demand as consumers and businesses turn to electric vehicles and renewable energy sources. The IEA’s announcement Wednesday forecasts the global oil supply capacity rising to approximately 114 million barrels per day by 2030. The projected capacity would surpass expected demand by 8 million barrels per day, marking a significant surplus not seen since the COVID-19 pandemic lockdowns of 2020. The rise in oil supply is...