The International Energy Agency is forecasting that the transportation sector, the oil industry's largest market, will begin shrinking its demand for gasoline in just three years due to climate change policy and the rise of electric vehicles.
its demand for gasoline and other petroleum-based fuels in just three years due to climate change policy and the rise of electric vehicles.
The Paris-based group, which advises governments worldwide on energy markets, predicted total oil demand in 2028 would only reach 105.7 million barrels per day, 7.8 million barrels less than it would have been without the expansion of the electric vehicle market"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance,” IEA Executive Director Fatih Birol said.
In its report last week, analysts at IEA said a combination of factors had hastened the decline for oil, including a downturn in the global economy and a shift in office culture that allow workers to stay at home and avoid commuting into work each day. At the same time, the decline in oil demand from transportation is being offset to a large degree by gains in demand from the petrochemical industry, largely coming from a wave of new petrochemical plants in China, IEA said.
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