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'Rarely has the outlook for oil markets been more uncertain'.

The IEA forecast a surplus petroleum production of up to eight MMbpd by 2030 as cleaner transport and electricity generation drive a decline in demand while non-OPEC countries continue to grow output capacity.

While the IEA analysis highlighted progress in some places, on the whole it suggests oil, gas and coal producers and governments are falling short of promises to cut methane emissions.

Russia may struggle to find new markets for its oil once a European import ban kicks in.

The International Energy Agency is still predicting record world oil demand this year.

'We are experiencing a major crisis'.

Ukrainian drones have ramped up attacks on Russia's oil industry this year in an attempt to disrupt fuel supplies to the military and curb the Kremlin's revenue.

'The world has never witnessed such a major energy crisis'.

'They have to be very careful'.

Annual financial reports by 119 publicly traded E&P companies show aggregate proved reserves of oil and gas increased by 19.2 billion boe in 2021.