For the first time, the International Energy Agency (IEA) (World Energy Outlook 2023) predicts peak demand for all fossil energy sources (oil, natural gas and coal) in the coming years of this decade.
These new outlooks are based on forecasts from the International Energy Agency’s next annual report to be published next month. Until now, the Paris-based International Energy Agency predicted a peak in global demand before the end of the decade, but now includes natural gas in addition to coal.
The agency estimated that global oil demand would continue to grow, but growth in that demand “should slow significantly by 2028” thanks to the rise of electric cars, according to its 2023 oil report released last June on the subject of market development over the next five years.
The Organization’s prediction
In its previous World Energy Outlook 2022 report, the Agency predicted “that the recovery in global oil demand despite increased prices will peak and stabilize around 2035”.
International Energy Agency forecasts highlight the success of favorable legislation for renewable energy sources. Nevertheless, policymakers still have room to accelerate the energy transition and phase out fossil fuels.
