Global oil demand could peak before the end of this decade as the energy crisis has accelerated the transition to cleaner technologies
The Paris-based agency, which advises developed nations, forecast in its Oil 2023 medium-term market report that annual demand growth would slow sharply over the next five years.
Energy prices soared last year after Russia, a major exporter of fossil fuels, invaded Ukraine and cut deliveries of natural gas to Europe. "Growth in the world's demand for oil is set to slow almost to a halt in the coming years," the IEA said.In its 2022 World Energy Outlook, the IEA had forecast world demand peaking and stabilising after 2035.
The need for oil will decline from 2024 in the 38 nations that are part of the Organisation for Economic Co-operation and Development, whose members range from Australia to European countries, Japan, Mexico and the United States.
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