IEA Revives Scenario Forecasting 13% Rise In Global Oil Demand By 2050 Amid Slower EV Adoption

Benzinga

The IEA reinstated its Current Policies Scenario, projecting global oil demand to climb 13% by 2050 amid slower EV adoption. The agency’s reassessment aligns more closely with OPEC’s outlook, which continues to forecast rising oil demand despite renewable energy growth.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03The International Energy Agency reintroduced its current policies scenario after five years,

00:07projecting global oil demand to rise 13% by 2050, according to Bloomberg.

00:13The IEA's revival of the CPS reflects a reassessment of oil's long-term outlook

00:18amid a U.S. administration that supports fossil fuels while opposing renewables.

00:23The report also includes the steps scenario, projecting oil demand to peak around 2030

00:28without indicating which scenario is more probable.

00:31In the CPS, oil demand grows to 113 million barrels per day by 2050 amid stagnant EV adoption,

00:39while the STEPS project's faster EV growth, stronger renewables, and slower gas expansion OPEC

00:45welcome the IEA's revised outlook, having long criticized the agency's anti-oil narrative

00:51and maintains that oil demand will keep rising through 2050.

00:55For all things money, visit Benzinga.com.

00:58go ahead, Benzinga.com

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