More garbage from the IEA
Posted: Thu Jun 13, 2024 9:17 am
https://www.zerohedge.com/energy/iea-sees-massive-oil-supply-glut-end-decade
HFI Comments on IEA's 2030 Forecast
"I don't even know where to start. The big headline from the IEA medium-term outlook is that global oil demand will peak by 2030, and oil producers are going to face a surplus as large as ~8 million b/d thanks to Electric Vehicle and the energy transition movement. For energy investors, this is the greatest confirmation signal you needed. As a golden rule in energy investing, we've learned that fading the IEA has almost always worked. Who remembers IEA's famous call in March 2022 for Russia to lose ~3 million b/d of oil production following the Ukraine invasion?"
"IEA's analysis is so far from reality, you do have to wonder just what is the thinking behind publishing an analysis like this."
"IEA was founded on the principle of preventing another energy crisis on the horizon. At least that was the founding mission, the new one appears to be one peddling the energy transition. But as with anything in life, there's a balanced way to doing it. As all policymakers should know, grasping reality is far more important than political motivation, and the idea that global oil demand will peak by 2030 just couldn't be further from the truth."
"Not only is the messaging twisted beyond belief, but I especially like the part where IEA Executive Director Fatih Birol emphasized that the projections were based on the "latest data." There's nothing factual about this report, so the irony is that it's biased from the onset."