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IEA sees oil supply ‘overhang’ emerging after cutting long-term demand projection

October 16, 2024 Comments Off

Global oil demand will decline faster than expected in the coming decades — creating a likely supply surplus — as electric vehicles continue to erode oil use in road transport, while biofuels and hydrogen deflate the need for oil in the aviation and shipping sectors, the International Energy Agency said Oct. 16 in its latest long-term energy outlook. After increasing…