Agency predicts record demand for fossil fuels in a decade – 09/12/2023 – Market

The IEA (International Energy Agency) predicts, for the first time, a peak in demand for all fossil fuels — oil, gas and coal — “in the coming years” of the decade, announced the organization’s executive director, Fatih Birol, based on in new projections.

“Even without any new climate policy, demand for each of the three fossil fuels is expected to peak in the coming years,” says Birol in an article published by the Financial Times newspaper. He highlights that this “is the first time that a peak in demand for each of these fuels has been seen over the course of the decade.”

This outlook is based on new projections in the IEA’s next annual report, which is expected to be published in October.

The Paris-based IEA predicted global oil demand would hit a ceiling by the end of the decade, but now also includes natural gas and coal.

The agency calculates that global oil demand will continue to increase, but that growth “is expected to slow down considerably by 2028”, thanks to the advancement of electric cars, according to the 2023 report on this fossil fuel, a five-year view of the market published in June.

In the ‘World Energy Outlook’ report for 2022, the IEA recorded “a recovery in global oil demand, despite high prices, which would peak and stabilize after 2035.”