"Natural gas and oil prices are likely to decline in the second half of the decade, but unexpectedly high worldwide demand for electricity will complicate efforts to reduce greenhouse gas emissions, the International Energy Agency (IEA) said Wednesday in its yearly World Energy Outlook.
Between 2025 and 2030, the supply of oil and gas is expected to increase barring a significant escalation in conflicts in Ukraine or the Middle East, IEA said in the report.
Energy supply and demand have whipsawed in the first half of the decade, first plunging in the first year of the coronavirus pandemic and then seeing supply shocks after Russia invaded Ukraine in early 2022. In the years ahead, the trend indicates a “very different energy world” that includes downward pressure on the prices of those commodities, according to Fatih Birol, executive director at IEA.
Although oil prices have seen spikes amid tensions in the Middle East, record U.S. oil and gas production has offset much of the shock. IEA projected liquefied natural gas to flood world markets over the next five years, largely in the form of exports from the U.S. and Qatar."
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