Global Oil Demand Set to Peak Before 2030, Says IEA
The International Energy Agency (IEA) predicts that global demand for coal, natural gas, and oil will peak in the near future, even without new climate policies. The shift towards renewable energy and electric vehicles is driving the decline in demand growth. The IEA's research, to be released in October, suggests that all three fossil fuels will reach their peak demand within the next few years. Factors contributing to this forecast include the increasing use of wind and solar energy, as well as the rise of electric vehicles. The IEA also predicts a peak demand moment for natural gas due to renewables outmatching gas for electricity production and Europe's shift away from gas following Russia's invasion of Ukraine.
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- View Full Coverage on Google News
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