IEA's Outlook: Oil Demand to Climb Until 2050, Fueling Climate Concerns

The International Energy Agency's new World Energy Outlook predicts rising oil demand until 2050, contrasting previous reports. This shift highlights ongoing reliance on fossil fuels. The report, stirred by political contention and climate concerns, questions assumptions about technology adoption and emphasizes the need for an energy transition.

The International Energy Agency has released its latest World Energy Outlook, forecasting that global oil demand may continue to rise until 2050. This contrasts with previous reports and underscores the persistent dominance of fossil fuels in the global economy.

Among various scenarios, the Current Policy Scenario (CPS) suggests that oil demand won't peak in 2030 but will reach 113 million barrels per day by mid-century. This scenario relies on existing government policies, such as renewable mandates and emission standards, but assumes a significant role for fossil fuels.

Critics argue that CPS's assumptions, like slowing technological advancement in renewables and electric vehicles, are questionable and overlook potential strides towards cleaner energy solutions. The broader message remains clear: without a shift in policies, the world risks severe climate impacts.

(With inputs from agencies.)