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OIL PRICES: Global demand for oil, gas to peak this decade: IEA


For the first time, world demand for oil, gas and coal is forecast to peak this decade due to the “spectacular” growth of cleaner energy technologies and electric cars, the International Energy Agency’s chief said Tuesday. The IEA’s annual World Energy Outlook, due out next month, will show that “the world is on the cusp of a historic turning point”, executive director Fatih Birol wrote in a column in the Financial Times.

The shift will have implications for the battle against climate change as it will bring forward the peak in greenhouse gas emissions, Birol said. “Fossil fuels will be with us for many years to come – but looking at our numbers, we may be witnessing the beginning of the end of the fossil fuel era,” Birol said in separate comments released by the IEA.

Birol said the change is mostly driven by the “spectacular growth” of clean energy technologies and electric vehicles, along with structural changes in the Chinese economy and the fallout from the energy crisis.


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