IEA’s Steps Scenario Sees Oil Demand Peaking This Decade

*The IEA unveiled its highly anticipated World Energy Outlook (WEO) this week, with its central Stated Policies Scenario (STEPS) forecasting global oil demand peaking at 102mn b/d before 2030, and then gradually declining to 97.4mn b/d in 2050. Last year’s output had demand peaking at 103mn b/d in the mid-2030s.

*The long term outlooks from the IEA and Opec had until recently been relatively aligned, but have now diverged significantly. Opec 2023 World Oil Outlook (WOO) significantly revised up its global oil demand outlook, and sees demand continuing to rise to 116mn b/d in 2045 (MEES, 13 October). (CONTINUED - 211 WORDS)