With slowing energy demand growth in China, India will account for almost one-third of global growth by 2040, according to the latest World Energy Outlook (WEO) of the International Energy Agency (IEA).
The report says a resurgence of oil and gas production in the US, deep declines in the cost of renewables, and growing electrification are changing the face of the global energy system and upending traditional ways of meeting energy demand. Oil demand, it says, is slowing down, but it will not be reversed before 2040, even as electric-car sales rise steeply.
“Electric vehicles are in the fast lane as a result of government support and declining battery costs, but it is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keeps pushing demand higher,” says Fatih Birol, executive director, IEA.
“The US will become the undisputed leader in oil and gas production for decades, which represents a major upheaval for international market dynamics,” Birol adds. Read More…
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