The world’s oil production capacity is expected to slow in the medium-term as the market digests the full impact of COVID-19 and the pivot toward cleaner energy, the International Energy Agency said on March 17. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The Paris-based agency warned in its Oil 2021 report that the industry’s spare capacity supply cushion will slowly erode in the absence of fresh upstream investments. “By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4 million b/d, its lowest level since 2016,” the report said. Global oil supply growth is set to slow down from 2021 to 2026 due to spending cuts, project […]