EVs may plateau oil demand by circa 2030, forecasts IEA


EVs may plateau oil demand by circa 2030, forecasts IEA

Global oil demand will hit a plateau around 2030 as the use of more-efficient cars and electric vehicles ends an expansion that dominated the past century, the International Energy Agency predicts.

While the current growth rate of 1 million barrels a day – or about 1% – will hold for the next five years, it will ebb to just 100,000 barrels a day in the 2030s, the agency said. By that time, the use of oil-based fuels in passenger cars will have peaked, the IEA said in its long-term World Energy Outlook.

“Oil demand plateaus post-2030,” said Fatih Birol, executive director of the Paris-based agency, which advises most major economies. “Demand growth is robust to 2025, but growth slows to a crawl thereafter.” Read More

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