Oil Demand To Keep Growing Past 2040 As Opec Share Nears 50% - IEA

The IEA’s latest flagship long-term energy outlook forecasts that renewables growth will not be enough to prevent oil demand growing at least until 2040. Opec’s share of world output is set to hit 48% by the latter date.

Despite the massive gains in renewables “the difficulty of finding alternatives to oil in road freight, aviation and petrochemicals” means that global oil demand will continue to grow to at least 2040, hitting 103.5mn b/d by the latter date up from 92.5mn b/d in 2015, the IEA says in its latest World Energy Outlook, released this week.

Though the number of electric cars is projected to soar more than 100-fold to 150mn by 2040, displacing 1.3mn b/d of oil, given that “less than 10% of oil demand growth comes from cars…I don’t see peak oil demand arriving in the short or medium term” IEA chief Fatih Birol told last month’s Oil & Money conference. (CONTINUED - 1916 WORDS)

DATA INSIDE THIS ARTICLE

table OPEC & World Oil Supply: Key Projections From The IEA'S 2016 Weo (Mn B/D, New Policies Scenario)