International Energy Agency Predicts Oil Demand Has Officially Peaked
A new report from the International Energy Agency (IEA) predicts that gasoline demand will never return to pre-pandemic levels. The IEA tracks EV industry growth as an indicator of future oil demand, and their five-year forecast says that an accelerating shift toward EVs and increasing fuel efficiency among gas-powered vehicles will outweigh demand growth from developing nations.
Why This Matters: While there won’t necessarily be a lack of supply, the report states, the lack of demand may lead to a winding down of oil operations entirely.
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