The IEA predicts a future oil supply glut due to electric vehicles and rising non-OPEC+ production.
Past predictions of oil decline have been inaccurate, such as Bloomberg’s forecast of a crash in 2023.
The IEA’s current prediction relies on assumptions that may not hold true.
Saudi Arabia’s state-owned oil company, Aramco, has decided to suspend its ambitious plan to boost oil production capacity to 13 million barrels per day (bpd) as per the Saudi government’s request.