Oil demand to peak this decade as electric-vehicle usage speeds up, says IEA
Rising demand for crude oil is set to slow to a trickle within five years and peak before the end of the decade, as electric-vehicle uptake surges and developed nations rapidly transition to cleaner sources of energy, according to a prominent energy forecaster.
But even in China, which has long been the powerhouse of global oil demand, the appetite for crude will slow markedly before the end of the decade. India will surpass China as the main driver of oil growth as soon as 2027, the IEA said. The forecasts are based on sharply diverging energy trends between the developed economies of North America and Europe and rapidly growing developing nations predominantly in Asia. Demand for oil in the advanced economies that make up the Organization for Economic Co-operation and Development is likely to peak as soon as this year thanks to vast government spending aimed at reconfiguring economies away from fossil fuels, the IEA said.
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