Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.
Despite government efforts to cut pollution and carbon emissions from oil and gas, the Vienna-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products.
Petrochemicals that are derived from oil and gas feedstocks form the building blocks for products that range from plastic bottles and beauty products to fertilisers and explosives.
Oil demand for transport is expected to slow by 2050 due to the rise of electric vehicles and more efficient combustion engines, but that would be offset by rising demand for petrochemicals, the IEA said in a report. Read more