The oil market will remain oversupplied until the end of the decade as the push for cleaner fuels and greater efficiency offsets lower prices, the world’s leading energy forecaster has said.
In its annual outlook the International Energy Agency said oil demand would rise less than 1 per cent a year until 2020, not fast enough to mop up a glut that has driven prices to multiyear lows.
The slowdown in oil demand growth follows a near 15-year surge in consumption, driven by the rapid industrialisation of China and other emerging market economies.
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