Where Is Oil Headed in 2023-2028: IEA Report – Video
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25 July 2023 – by ETA Editorial Comments (0)
Global oil markets experienced three years of instability due to the impact of COVID-19 and Russia’s invasion of Ukraine. Throughout this period, oil prices fluctuated, reaching record highs. The International Energy Agency (IEA) Oil Analysis Report and Forecast 2023-2028 report says stabilisation is occurring.
IEA projects that major oil producers will maintain their expansion plans despite a slowdown in demand. It also forecasts that oil demand from fossil fuel sources will peak by 2028, with the adoption of lower emission technologies such as electric vehicles and energy efficiency improvements leading the way.