11/13/2019, 11:45 AM (Source: TeleTrader)
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IEA expects oil demand growth slowdown after 2025

The International Energy Agency (IEA) said on Wednesday it expects global oil demand growth to decrease from 2025 as a result of more people switching to more energy-efficient cars or electric vehicles.

In its annual World Energy Outlook, the IEA stressed that demand growth is set to rise to 106 million barrels per day (bpd) until 2040. The Paris-based agency stressed that demand is expected to grow by around 1 million on average over the next five years.

"There is a material slowdown after 2025, but this does not lead to a definitive peak in oil use," the IEA stated and noted the demand peak is expected around 2030 after which it will "plateau."

Breaking the News / NP