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The IEA said Wednesday that growth in global oil demand is expected to slow from 2025 as fuel efficiency improves and the use of electric vehicles increases, but consumption is unlikely to peak
in the next two decades.
In its World Energy Outlook, the IEA said demand growth would continue to grow
even with a significant slowdown in 2030.
By 2025, oil demand will increase by an average of about 1 million b/d per year from 97 million b/d
in 2018.
Demand will increase by an average of 100,000 b/d per year by 2030 and reach 106 million b/d
by 2040.
"Although growth will slow after 2025, this will not lead to a definitive peak
in oil use," the IEA said.
”
But the IEA has also been criticized by climate-change-conscious agencies as underestimating the pace at which the world is shifting to renewable energy and undermining efforts to
keep global temperature rise within 1.
5-2 degrees Celsius.
The IEA's outlook shows that primary energy demand will grow by a quarter by 2040, with renewables accounting for half of the growth and natural gas 35%.
IEA executive director Fatih Birol told reporters in Paris: "Although emissions are rising, some governments are still pushing for major policy changes
.
"Between 2018 and 2040, emissions are projected to grow by just over 100 million tonnes per year, albeit lower than the average annual growth rate of 350 million tonnes since 2010, but not enough to curb rising global temperatures
.
The IEA expects the number of electric vehicles to reach 330 million by 2040, up from 300 million last year
.
It stated that this would replace about 4?? 000,000 b/d of oil use, compared to the previous forecast of 3.
3 million b/d
.
The countries with the largest increases in oil production were the United States, the world's largest producer, as well as Iraq and Brazil
.
U.
S.
crude oil production is expected to increase from 6 million b/d in 2018 to 11 million b/d
in 2035.
For most of the next decade, OPEC's share of oil production will decline to 47%.
Referring to the key scenario set by the IEA, the report said: "In this scenario, the price of oil needed to balance supply and demand would rise to almost $90 per barrel and reach $
103 per barrel by 2040.
" ”
The IEA said Wednesday that growth in global oil demand is expected to slow from 2025 as fuel efficiency improves and the use of electric vehicles increases, but consumption is unlikely to peak
in the next two decades.
In its World Energy Outlook, the IEA said demand growth would continue to grow
even with a significant slowdown in 2030.
By 2025, oil demand will increase by an average of about 1 million b/d per year from 97 million b/d
in 2018.
Demand will increase by an average of 100,000 b/d per year by 2030 and reach 106 million b/d
by 2040.
"Although growth will slow after 2025, this will not lead to a definitive peak
in oil use," the IEA said.
”
But the IEA has also been criticized by climate-change-conscious agencies as underestimating the pace at which the world is shifting to renewable energy and undermining efforts to
keep global temperature rise within 1.
5-2 degrees Celsius.
The IEA's outlook shows that primary energy demand will grow by a quarter by 2040, with renewables accounting for half of the growth and natural gas 35%.
IEA executive director Fatih Birol told reporters in Paris: "Although emissions are rising, some governments are still pushing for major policy changes
.
"Between 2018 and 2040, emissions are projected to grow by just over 100 million tonnes per year, albeit lower than the average annual growth rate of 350 million tonnes since 2010, but not enough to curb rising global temperatures
.
The IEA expects the number of electric vehicles to reach 330 million by 2040, up from 300 million last year
.
It stated that this would replace about 4?? 000,000 b/d of oil use, compared to the previous forecast of 3.
3 million b/d
.
The countries with the largest increases in oil production were the United States, the world's largest producer, as well as Iraq and Brazil
.
U.
S.
crude oil production is expected to increase from 6 million b/d in 2018 to 11 million b/d
in 2035.
For most of the next decade, OPEC's share of oil production will decline to 47%.
Referring to the key scenario set by the IEA, the report said: "In this scenario, the price of oil needed to balance supply and demand would rise to almost $90 per barrel and reach $
103 per barrel by 2040.
" ”
