IEA: Oil Demand to Rise, Not Peak

The International Energy Agency (IEA) has revised its oil demand predictions, now projecting a rise in demand to 113 million barrels per day by 2050, a 13% increase from current levels. This change has sparked debate, but it may reflect the real-world energy needs of a growing global population, particularly in developing nations. As living standards improve, demand for materials like cement, steel, ammonia, and plastics will increase, all of which require a steady supply of fossil fuels or their derivatives. India, for instance, is projected to see its oil use jump from 5.5 million barrels per day to 8 million barrels per day by 2035. Despite the push for electric vehicles and decarbonization, traditional internal combustion engines still dominate, making the IEAs forecast a likely reflection of global energy demands.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.