LONDON: Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles ends an expansion that dominated the past century, the International Energy Agency predicts.
“Oil demand plateaus post-2030,” said Fatih Birol, executive director of the Paris-based agency, which advises most major economies.The prospect of “peak demand” has spread in the oil industry in recent years as countries seek to avert catastrophic climate change by diversifying from fossil fuels, and as renewable-energy sources get cheaper.
The report does offer oil producers some solace. Even as demand growth slows, depleting oil reserves will still need to be replaced. After that, the growth rate of 100,000 barrels a day is about half the level the agency predicted in last year’s report, and is concentrated mostly in the aviation, shipping and plastics sectors.The use of more fuel-efficient car engines will knock out 9 million barrels a day of demand, while the growth of electric cars will displace about 4 million a day.
The US will account for 85% of the growth in production worldwide to 2030 as its shale-oil boom continues, according to the IEA.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
F1 to leverage talent for innovation to achieve zero carbon footprint by 2030Sport recognises critical role organisations must play in tackling global issue. FMTNews F1
Source: fmtoday - 🏆 5. / 72 Read more »
New Honor wearables will be making its global debut at Malaysia's Honor 9X launch | SoyaCincau.comThe Honor 9X is coming to Malaysia very soon and they will also introduce a new range of Honor wearables that have yet to launch globally.
Source: Soya_Cincau - 🏆 16. / 55 Read more »
Moody's cuts global sovereign rating outlook to 'negative' for 2020The rating agency says Malaysia and other countries that rely on trade for growth face a slowdown in their economies. FMTNews Moodys Deutsche Bank Collapse is Imminent - You still have time to Prepare !!
Source: fmtoday - 🏆 5. / 72 Read more »
Moody's cuts global sovereign rating outlook to 'negative' for 2020; Msia to face economic slowdownLONDON: Rating agency Moody’s cut its global sovereign outlook for 2020 to ‘negative’ from ‘stable’ on Monday, saying disruptive and unpredictable world politics would slow growth and increase the risk of economic or financial shocks.
Source: NST_Online - 🏆 17. / 53 Read more »
Muslims need global support to stop oppression by Israel, says PM | The Malaysian InsightHe also says it’s not true all Europeans and Americans are against Islam. Senile old man. It's more like the whole world needs to be protected from islamic oppression.
Source: msianinsight - 🏆 8. / 63 Read more »
Sabah's Elephant Conservation Action Plan to create more accountabilityKOTA KINABALU: The state's Elephant Conservation Action Plan 2020-2030 is expected to include clauses that will hold plantation workers and owners accountable for any elephants hurt and killed on land.
Source: staronline - 🏆 4. / 75 Read more »