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IEA announces end of cheap oil era
The International Energy Agency (IEA) recently highlighted in its latest monthly Oil Market Report that the era of cheap oil is unlikely to return unless a major global recession occurs. As an intergovernmental organization composed of oil-consuming nations, the IEA provides authoritative insights into global energy trends. According to their analysis, slowing economic growth in key industrialized countries and persistently high oil prices have led to lower-than-expected demand for oil this year. The report estimates that global oil consumption will average 87.5 million barrels per day, down by 80,000 barrels from previous projections.
Since last year, several developed economies have significantly reduced their oil consumption. While milder winter conditions may have contributed to this decline, factors such as weak economic performance and high energy costs also played a role. The IEA emphasizes that only a severe global economic downturn could bring oil prices back below $60 per barrel.
The era of high oil prices has already begun. Over the past six years, global oil prices have surged from under $20 per barrel in early 2002 to over $100 today. Even a year ago, prices were hovering around $60 per barrel. With rising energy costs now a permanent feature, the IEA warns that oil prices are unlikely to return to the levels seen in the early 2000s. This shift marks a fundamental change in the global energy landscape, with long-term implications for both consumers and economies worldwide.