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IEA: Automotive demand for oil will peak in 7 years

IEA: Automotive demand for oil will peak in 7 years

(Summary description)According to the International Energy Agency (IEA), as the population grows and people become more affluent, the number of motor vehicles driving on the road is also growing rapidly, but the oil use o

IEA: Automotive demand for oil will peak in 7 years

(Summary description)According to the International Energy Agency (IEA), as the population grows and people become more affluent, the number of motor vehicles driving on the road is also growing rapidly, but the oil use o

Information

  According to the International Energy Agency (IEA), as the population grows and people become more affluent, the number of motor vehicles driving on the road is also growing rapidly, but the oil use of cars is expected to peak in 7 years.

 

  Since the first Ford Model T came off the line in 1908, cars and oil have maintained a close relationship, and this relationship has changed the world dramatically. But the International Energy Agency said that as electric vehicles become more popular and more fuel-efficient cars are on the road, which will offset the increase in the number of cars in emerging market countries, the oil consumption of cars will peak in the middle of the next decade.

 

  The Paris-based energy agency said that "after 2025, energy conservation measures and alternative fuels will continue to curb oil demand." Even in developing economies like China, oil demand is slowing.

 

  Global oil consumption is close to 100 million barrels per day, of which the demand for oil by automobiles accounts for 21.4 million barrels per day. At the end of the 2020s, this number will increase to 23 million barrels per day. By 2040, the oil consumption of automobiles will fall to the current level, even though the number of global cars is expected to increase by 80% from the present.

 

  The International Energy Agency added that from now to 2040, the total oil consumption of the automotive, aircraft, ship, truck and petrochemical industries will continue to grow, at a rate that is half that of the past 20 years.

 

  According to the International Energy Agency, between 2000 and 2017, total oil consumption increased by 24% to 95 million barrels per day, and absolute oil demand will increase by only 12% by 2040 to 106 million barrels per day.

 

  These forecasts are part of the IEA's annual long-term outlook report and reflect the policy goals of governments around the world. Companies such as Tesla are leading the fight against the use of oil. By 2040, as many as 300 million electric vehicles are expected to be in use, which will reduce oil demand by 3 million barrels per day.

 

  But the greater impact will come from the further improvement of fuel economy standards for traditional cars, which will reduce oil consumption by 9 million barrels per day. According to the International Energy Agency, "Improvement in fuel efficiency of global vehicles is the biggest factor causing the slowing of automobile demand for oil."

 

  By 2040, biofuels will reduce oil demand by 2.5 million barrels per day, and the use of natural gas as fuel for cars will reduce oil demand by 1.6 million barrels per day.

 

  The International Energy Agency predicts that oil demand in advanced economies will decrease sharply, by 2040 the EU ’s oil demand will decrease by 45%, and North America ’s oil demand will decrease by 25%. (Source International Petroleum Network)

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