Thanks to e-cars and biofuels: from 2030 the world will consume less oil

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The aerospace and petrochemical industry will increase by six percent between 2022 and 2028, contributing to oil demand of 105.7 million barrels per day, according to the IEA’s medium-term oil market report on Wednesday. But during the year, the demand for raw materials will increase less in 2028.

“The transition to a clean energy economy is gaining momentum, and peaking in global oil demand before the end of this decade is on the horizon,” said Fatih Birol, IEA Director.

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The IEA assumes that less oil will be needed from 2026 due to more electric vehicles and biofuels, especially in the transportation sector. “Oil producers need to closely monitor the increasing rate of change and make investment decisions for an orderly transition,” Birol said.

Upstream investment in oil and gas exploration, exploration and production is expected to hit $528 billion this year, its highest level since 2015, according to the IEA. According to the IEA, such an investment level would be sufficient to meet demand in the reporting period up to 2028.

Requires behavioral changes

But the IEA warned that the road to net zero is more than enough for a world. Net zero defines the goal of only causing so many greenhouse gas emissions that they can be offset. According to the IEA, a faster decline in oil demand is only possible with behavioral changes and additional political steps. (SDA/koh)

Source :Blick