<
https://www.theguardian.com/business/2025/nov/13/oversupply-oil-barrels-energy-watchdog-iea>
"The world is producing more oil than it needs and by next year there could be
a glut of 4m excess barrels a day entering the market, according to the global
energy watchdog.
The International Energy Agency said the surplus in 2026 was likely to be
larger than previously forecast, despite a decision from the biggest oil
producers to pause their plan to increase crude exports.
The Paris-based agency, which was set up after the 1973 oil crisis to monitor
global supplies, pointed to a slower-than-usual growth in the world’s oil
demand to explain the growing glut.
“Global oil market balances are looking increasingly lopsided, as world oil
supply is forging ahead while oil demand growth remains modest by historical
standards,” the IEA said.
The warning of a looming oversupply has emerged in the same week that the
agency published its energy outlook report, including a controversial scenario
in which global oil demand would continue to grow until 2050.
The model, which takes a conservative view of global climate action, was
dropped in 2020 after the IEA was repeatedly criticised for underestimating the
growth of renewable energy in its annual report.
The IEA returned the scenario to its outlook this year after calls from the
White House to present a more optimistic view for the future of oil. The IEA
has denied it reintroduced its new scenario in response to pressure from the
US.
Critics of the forecast believe it underestimates the pace of electric vehicle
take-up, particularly in developing countries in Asia, a trend that is already
helping to reduce the world’s demand for oil."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
