Not the World 'Peak Energy' Promised

The International Energy Agency (IEA) is predicting a potential oil glut by decade’s end, reports the Financial Times (FT), a “staggering” surplus possibly amounting to millions of barrels per day. In its annual report on the industry, the IEA predicts that continued investment and increased production by oil companies, particularly in the US, could lead to more than eight million barrels per day of spare capacity by 2030. That, despite the forecast that oil demand will peak before then. By the way, the IEA forecasted last year that demand for fossil fuels, oil, natural gas, and coal—will decline before the end of the decade amid the mass rollout of renewable energy and electric vehicles.  Read Full Article »