New IEA report calls off imminent oil demand peak

Oil demand will not decline in the foreseeable future, projects the International Energy Agency (IEA) in a new report. Making oil a thing of the past requires far more political action.

Photo: Harald Pettersen/Statoil

It will be decades before the oil demand peaks, projects a new report from the International Energy Agency (IEA), in which the agency does not agree with estimates of a peak within the next 10 years.

With a low oil price, the global population and oil consumers are far from ready to ditch the commodity, writes the IEA in the report. Instead, other sectors will ensure that oil demand grows to 105 million barrels a day by 2040, which would be an increase of 10 percent relative to today.

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