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Fortune
Fortune
Prarthana Prakash

We’ll soon live in a world with a ‘staggering’ excess of oil that we can’t fully use, global energy watchdog IEA warns

person holding a bottle of crude oil (Credit: Carlos Garcia Granthon—Fotoholica Press/LightRocket via Getty Images)

Oil demand has been on a rollercoaster ride over the last five years due to a global pandemic, wars, and other economic pressures. 

That’s happened against a backdrop of the U.S. ramping up shale production, countries tightly controlling how much oil is released, and the world transitioning to alternative energy sources. 

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