So says the IEA, according to the WSJ
'Global oil markets are headed toward a major glut this decade, a global energy watchdog forecast, citing surging supplies and slowing demand growth for crude thanks to lower-emissions energy sources.
The International Energy Agency, whose members include the world’s biggest oil consumers, predicted in its closely watched medium-term oil market report that so-called spare capacity—the amount of pumping capacity left unused because of adequate supply—could surge in coming years to levels only seen during the Covid-19 pandemic. ’
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa