OPEC has hit back at the suggestion that global oil demand will peak before 2030, describing the IEA's forecast as dangerous.
Peak oil demand is not on the horizon, OPEC Secretary General Haitham Al Ghais said on Thursday, blasting the International Energy Agency’s prediction that global oil demand will peak before 2030. Some net-zero scenarios suggest that oil should not be part of a sustainable energy future, Al Ghais wrote in a column for EA Forum. “This narrative was repeated only yesterday when the IEA published its Oil 2024 report in which it once again stated that oil demand would peak before 2030,” he said.
World oil demand is being tempered by the clean energy transition, says the IEA, which has been a vocal proponent of a faster energy transition in recent years. All previous peak demand scenarios have been proven wrong, the top OPEC official said in his column. “The IEA suggested that gasoline demand had peaked in 2019, but gasoline consumption hit record levels in 2023 and indeed continues to rise this year,” he wrote.
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