Global Oil Demand To Peak 2030 IEA Estimates

[Economy 52,853]

https://www.bnnbloomberg.ca/global-oil-demand-to-hit-a-plateau-around-2030-iea-predicts-1.1346982

 

The International Energy Agency has revised oil demand projections for the future down and now expects a peak/plateau by 2030

 

Drop in gasoline/diesel demand as a result of more fuel efficient vehicles and the rise of electric cars are what lead the peak

 

However the IEA like other projectors also believes that the peak will not be followed by a fall any time soon but rather a plateau

 

The main reason for this is that while oil demand drops for light transportation like personal vehicles...

 

Demand for the foreseable future for heavier modes of transportation like Airplanes will keep risisng. Rising demand for Oil Products like Asphalt, shingles, plastics, beauty products, fertilizers etc should offset a fall in demand from cars past a certain point and balance out

 

Despite overall consumption not falling, because the burning of fossil fuels is by far the worst emitter, the rising use for products but reduction in burning should still considerably reduce emissions. However in order for emission cuts to be enough, Coal also has to be phased out and farming practices reformed