IEA cuts long-term oil demand projections over EV, clean liquids fuel growth

Global oil demand will decline faster than expected in the coming decades as electric vehicles continue to erode oil use in road transport, while biofuels and hydrogen deflate the need for oil in the aviation and shipping sectors, according to the International Energy Agency’s latest long-term oil market report released Oct. 15. After increasing by about 2.6 million b/d from…Global oil demand will decline faster than expected in the coming decades as electric vehicles continue to erode oil use in road transport, while biofuels and hydrogen deflate the need for oil in the aviation and shipping sectors, according to the International Energy Agency’s latest long-term oil market report released Oct. 15. After increasing by about 2.6 million b/d from…Read More