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

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…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…Read More