BAKU, Azerbaijan, October 16. In terms of oil, the International Energy Agency (IEA) expects that the oil demand will peak before 2030, said Fatih Birol, Executive Director of the International Energy Agency (IEA), as he addressed the presentation of IEA's World Energy Outlook 2024, Trend reports.
Birol emphasized that while oil will remain a necessary resource for many years to come, the growth in global oil demand is set to weaken. "This does not mean an immediate decline; rather, we see a peak in global oil demand growth," he explained, attributing this shift to various economic and technological factors.
A key driver of this change is the transformation in the transportation sector. "We are witnessing significant penetration of electric vehicles in car markets across key regions," Birol noted. "Globally, this year, we expect that over 20% of all cars will be electric. In China, this figure is already above 50%." He added, "By 2030, about half of all new cars worldwide are projected to be electric, reflecting what China is experiencing today. This transition will substantially displace oil consumption compared to current levels."
Birol also highlighted the strong momentum in renewable energy, particularly in electricity generation. "In 2024, we anticipate that more than 80% of all new power plants constructed globally will be renewable," he stated, underscoring the rapid growth in this sector. He pointed out that the IEA's recent renewable market report indicates a remarkable shift toward clean energy sources.
Moreover, Birol observed a resurgence of nuclear power: "As we forecasted almost three years ago, nuclear energy is making a strong comeback in many countries worldwide." He stated that according to the World Energy Outlook, "by 2025, we will see the highest level of nuclear power generation in history, with more nuclear power plants being developed across different regions."
These trends, he concluded, illustrate the evolving energy landscape and the implications for oil demand in the coming years.
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