Global Oil Demand to Reach Its Peak This Decade, IEA Says  

• The International Energy Agency predicts that global demand for oil, coal, and natural gas will peak this decade due to the popularity of electric cars and China's cooling economy.
• This peak doesn't necessarily indicate an immediate drop in fossil fuel consumption but is likely to lead to a sustained period of high emissions, which may not be in line with limiting global warming to 1.5°C.
• Oil demand is expected to reach about 102 million barrels a day by the late 2020s, with a gradual decline to 97 million barrels a day by mid-century, driven by the transition to clean energy and the rise of electric vehicles.
• The IEA's view contrasts with the forecasts of OPEC, which predicts continued oil demand growth. However, the report suggests that all fossil fuels are on track to peak before 2030, reflecting a global shift towards cleaner energy sources.

(Source: Bloomberg)