The IEA’s report indicates that despite geopolitical conflicts like those in the Middle East, oil prices could stabilize at around $75 to $80 per barrel by the decade's end.
Fatih Birol, the IEA executive director, stated that the continued investment in fossil fuels will ultimately lead to lower market prices for oil and gas, signaling a shift in energy dynamics.
The IEA forecasts that fossil fuel consumption will peak before 2030, placing the world on a trajectory of permanent decline in usage as climate policies become more stringent.
Through its analysis, the IEA suggests that while immediate concerns about supply disruptions persist, the overall balance in energy markets is likely to ease, resulting in lower prices.
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