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IEA Forecasts 8 Million Barrel Daily Oil Surplus by 2030 Amid Slowing Oil Demand Growth

The International Energy Agency reported that despite slowing oil demand growth, global production is expected to increase, resulting in an oversupply of 8 million barrels a day by 2030. Global oil demand growth is projected to slow in the coming years, driven by the rise of electric vehicles, reduced oil use in electricity generation, and declining demand in China. As a result, oil prices are expected to plummet, weakening OPEC’s market influence.