from the International Energy Agency, the world is headed towards a ludicrous surplus in oil supply that could see prices tumble and the industry's position falter — a forecast in no small part attributed to the growth in renewables,
With a continued drop in demand in the following year, the supply will overshoot that figure by about 8 million barrels per day — a disparity that hasn't been seen since the lockdowns at the height of the COVID-19 pandemic. On the opposite side of that equation, producers such as the US and OPEC+ members have only ramped up investments in oil, and their contributions are expected to drive production upwards with China and India, both hugely expanding economies with massive populations and a growing number of drivers, as the biggest customers.
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