00:00Global oil demand is expected to rise until the end of the decade, according to the International Energy Agency, or IEA.
00:08This is driven by lower gasoline prices and slower electric vehicle adoption in the US.
00:17However, IEA maintained its forecast for a global demand peak by 2029,
00:22but expects China's demand to peak earlier in 2027 due to faster EV adoption.
00:27According to its annual report, oil demand will peak at 105.6 million barrels per day by 2029, before declining slightly in 2030.
00:39Meanwhile, global production capacity is forecasted to grow over 5 million BPD to 114.7 million BPD by 2030.
00:48The recent conflict between Israel and Iran has raised concerns about supply risk in the Middle East,
00:55pushing oil prices up 5% to over US$74 a barrel on Friday.
01:01Despite geopolitical tensions, the IEA expects sufficient supply through 2030 if major disruptions are avoided.
01:09According to IEA Chief Faith Bureau, oil markets appear well supplied,
01:15but recent events underscore serious geopolitical risk to oil supply security.
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