Oil and gas supplies are only set to become more abundant as nations increasingly turn to clean sources of energy over the remainder of the decade.
Demand for coal, oil and gas remains on course to have peaked by the end of the decade as clean energy capacity grows to supply half of the world’s electricity, the International Energy Agency (IEA) said on Wednesday.
This would hail the arrival of the "age of electricity", the organisation said, following the eras of coal and then oil.
Fears over lacklustre demand for oil over the coming months have seen prices remain downtrodden in recent weeks, despite mounting tensions in the Middle East.
Benchmark Brent crude sat at US$73.69 a barrel on Wednesday, having only temporarily exceeded the US$80 mark earlier in the month.
“In the second half of this decade, the prospect of more ample - or even surplus - supplies of oil and natural gas [...] would move us into a very different energy world from the one we have experienced in recent years,” IEA executive director Fatih Birol commented.
“It implies downward pressure on prices, providing some relief for consumers that have been hit hard by price spikes.”
This was dependent on how geopolitical tensions evolved, he said, alongside both Chinese demand for fossil fuels and the pace of its adoption of clean technologies ahead.