Global Oil Demand Could Peak in 2026

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Global oil demand could peak in 2026. The International Energy Agency (IEA) writes this in a report.

 

According to the agency, governments should do more about sustainable energy sources to ensure that oil demand does not rise as sharply and climate goals are achieved.

According to the IEA, oil demand is recovering from the corona pandemic and will return to pre-crisis levels by 2023.

In 2026, global oil demand will then climb to 104 million barrels (from 159 litres) per day, an increase of 4 percent from the level of 2019. This is mainly due to more demand from Asia.

According to the organization, the increasing oil demand can be slowed down if governments do more to accelerate the transition to clean energy sources and stimulate electric driving.

Also, changing consumer behaviour due to the corona crisis may also contribute to weaker demand, for example, because people work more from home and travel less, says the IEA.

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