IEA forecasts oil consumption fall under any scenario for 1st time

MOSCOW, Oct 13 (PRIME) -- The International Energy Agency (IEA) has forecasted for the first time a decrease of oil consumption under any scenario of the world economy development, the agency said in its annual report seen by PRIME on Wednesday.

“The era of global oil demand growth will come to an end in the next decade,” the agency said citing Executive Director Fatih Birol. “But without a large shift in government policies, there is no sign of a rapid decline. Based on today’s policy settings, a global economic rebound would soon push oil demand back to pre-crisis levels.”

The IEA considered three scenarios: retaining the current climate policies, the governments across the world fulfilling their pledges on time, and a third with net zero emissions by 2050.

Under the first scenario, oil output will peak in mid-2030s at 104 million barrels per day. Under the second, at 97 million barrels per day after 2025, and under the third, the peak is in the past, and demand will fall to 72 million barrels per day by 2030.

The agency said that gas demand will increase even if the net zero emissions are attained.

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