According to the International Energy Agency, the world is headed towards a ludicrous surplus in oil supply after a peak in global oil demand, potentially causing prices to decline and the industry to face difficulties.
The IEA estimates that in advanced economies, oil demand will further decrease by 2023, while countries like the US, OPEC+ members, China, and India are expected to boost oil production despite potential reductions in demand.
China's economic growth, which significantly drove global oil demand, is projected to slow down, affecting its need for oil. The IEA also expresses optimism about the increasing adoption of renewables, especially electric vehicles.
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