IEA says Peak Demand for Oil is BS

[dan_s]

IEA: Oil demand to peak in 2040.

The IEA said in its World Energy Outlook, out on Tuesday, that oil demand will continue to grow by about 1 mb/d per year through 2025, after which demand growth slows to 0.25 mb/d before peaking in 2040. The IEA sees EVs slashing demand by about 3.3 mb/d by 2040. Still, demand grows on the back of petrochemicals, aviation and heavy trucking.
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MY TAKE: IEA is famous for under-estimating annual demand growth for oil. In 9 of the last 10 years IEA has had to increase annual demand growth several times AFTER the year ended. As long as the global economy is growing, demand for oil goes up by about 1.5 million barrels per day each year. We should all thank God for EV's because without them oil would already be $200/bbl and we'd have mass starvation just ahead. This world runs on oil and it will for the rest of my life. At my age this is a safe bet.