All articles tagged with #peak oil
The article discusses the US government's opposition to the International Energy Agency's forecasts that global oil demand may peak by the end of the decade, highlighting political tensions, differing energy outlooks, and the implications for future energy investments and climate policies.
The concept of peak oil, the point at which global oil production reaches its maximum and starts to decline, is within sight due to the resilience of the transatlantic energy relationship. Significant corporate, financial, and political developments are shaping the future of the oil industry, with the potential for peak oil becoming a reality.
OPEC has raised its medium- and long-term forecasts for global oil demand, predicting that it will reach 116 million barrels per day (bpd) by 2045, requiring $14 trillion in investments. This forecast diverges from the International Energy Agency's (IEA) prediction of peak oil demand before 2030. OPEC emphasized the importance of oil sector investments and criticized calls to stop investing in new oil projects. The relationship between OPEC and the IEA has been tense, with differing views on decarbonization and the pace of production cuts.