{"id":1947232,"date":"2023-06-14T15:25:04","date_gmt":"2023-06-14T19:25:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-demand-projected-to-peak-before-2030-thanks-to-shift-toward-renewable-energy\/"},"modified":"2023-06-14T15:26:23","modified_gmt":"2023-06-14T19:26:23","slug":"oil-demand-projected-to-peak-before-2030-thanks-to-shift-toward-renewable-energy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-demand-projected-to-peak-before-2030-thanks-to-shift-toward-renewable-energy\/","title":{"rendered":"Renewable energy shift to cause oil demand peak pre-2030."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-demand-projected-to-peak-before-2030-thanks-to-shift-toward-renewable-energy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1947232&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Global Oil Demand Set to Peak Before the End of the Decade<\/h2>\n<p>According to a new report from the International Energy Agency (IEA), <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-aramco-boosts-spending-to-boost-output-as-oil-surges\/\" title=\"Saudi Aramco Boosts Spending to Boost Output as Oil Surges\">global oil demand<\/a> is expected to reach its peak before the end of the decade. This significant milestone is attributed to investments in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/idaho-congressman-looks-to-spend-33-billion-to-remove-dams-to-save-salmon-population\/\" title=\"Idaho Congressman Looks To Spend  Billion To Remove Dams To Save Salmon Population\">clean energy sources<\/a>, particularly electric vehicles, and a decrease in oil demand growth from China.<\/p>\n<h3>Medium-Term Oil Market Forecast<\/h3>\n<p>In its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-demand-projected-to-peak-before-2030-thanks-to-shift-toward-renewable-energy\/\" title=\"Renewable energy shift to cause oil demand peak pre-2030.\">latest 2023 medium-term oil market forecast<\/a>, the IEA predicts that global oil growth will continue to rise by 6% between 2022 and 2028. This growth will be driven by strong demand from the petrochemical and aviation sectors, ultimately reaching around 105.7 million barrels per day.<\/p>\n<blockquote><p>However, after reaching this peak, the report states that oil demand will slow down significantly. It is projected to decrease from 2.4 million barrels per day this year to just 0.4 million barrels per day in 2028.<\/p><\/blockquote>\n<p>The expansion of electric vehicles, biofuel advancements, and improvements in fuel economy have played crucial roles in reducing oil demand, as highlighted in the report. The IEA also estimates that gasoline demand growth will reverse starting in 2023, followed by a decline in demand for all transport fuels after 2026.<\/p>\n<h3>The Shift to a Clean Energy Economy<\/h3>\n<p>&#8220;The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency, and other technologies advance,&#8221; stated Fatih Birol, the director of the IEA.<\/p>\n<blockquote><p>Birol emphasized the need for oil producers to carefully monitor and adjust their investment decisions to ensure a smooth transition in the face of this accelerating change.<\/p><\/blockquote>\n<p>Furthermore, the report highlights that China&#8217;s demand growth is expected to slow down significantly by 2024. After experiencing a surge in oil demand following the lifting of COVID-19 restrictions, China&#8217;s consumption is projected to peak in mid-2023 and gradually decline to an average of just 290,000 barrels per day from 2024 to 2028.<\/p>\n<p>The IEA report also mentions that concerns over the supply disruptions caused by Russia&#8217;s conflict in Ukraine have expedited the transition to renewable energy sources, bringing the peak demand for oil closer within reach.<\/p>\n<p>In a separate report, the IEA revealed that global clean energy investment is on track to reach $1.7 trillion in 2023 alone. This surge in investment reflects the growing embrace of renewable and clean energy sources, including electric vehicles, nuclear power, grids, storage, and low-carbon technology.<\/p>\n<p><strong>Click here to read more from The Washington Examiner.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global oil demand is set to peak by the end of the decade, says the International Energy Agency. This milestone is due to investments in clean energy, especially electric vehicles, and a decrease in oil demand growth from China. The agency&#8217;s 2023 medium-term oil market forecast supports this prediction.<\/p>\n","protected":false},"author":1,"featured_media":1947233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[4368,4486,7393,7499,28636,22382,6777],"class_list":["post-1947232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-demand","tag-energy","tag-oil","tag-peak","tag-pre-2030","tag-renewable","tag-shift"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1947232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1947232"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1947232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1947233"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1947232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1947232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1947232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}