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IEA Cuts Oil Demand Outlook

OIL

The IEA revised down its oil demand outlook by 0.5mbpd to 92.5mbpd by 2030 and by 2.4mbpd to 54.8mbpd by 2050 according to the annual World Energy Outlook.

  • Global fossil fuel consumption is forecast to peak by 2030 due to an increased number of electric cars, the shift towards cleaner energy and a slowdown in China’s economic growth according to the IEA’s annual world energy outlook.
  • OPEC oil production is expected to account for 45% of all supply by 2050, up from 42% in last year’s report.

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