The Financial Post reports in its Thursday edition that Canada and other non-members of the Organization of the Petroleum Exporting Countries are expected to lead oil supply growth through the end of the decade. The Post's Meghan Potkins writes that global demand for fossil fuels, however, is projected to flatten by 2030, according to a new report from the International Energy Agency.
The IEA's World Energy Outlook states that near-term growth in oil supplies will primarily come from Canada, the United States, Brazil and Guyana. Nevertheless, a slowdown in demand and a decline in energy prices are anticipated, due to an expected global surge in electricity consumption and the rising prevalence of electric vehicles.
In 2023, global oil demand increased by two million barrels per day (mb/d) to reach 99 mb/d. However, the IEA predicts a significant slowdown in demand growth next year. The report said: "The rise of electric mobility, led by China, is wrong-footing oil producers. The slowdown in oil demand growth puts major resource owners in a bind as they face a significant overhang of supply." The IEA sees crude trading near $75 (U.S.) to $80 (U.S.) per barrel, but only if OPEC and its allies restrain output further.
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