00:00After years warning that oil demand would soon peak, the International Energy Agency is now saying, not so fast.
00:07A new report revives the IEA's long-dormant current policy scenario projection for global oil consumption,
00:14rising 13% by 2050 instead of plateauing.
00:18That's because of slower electric vehicle adoption and what the agency calls growing political and economic uncertainties.
00:24That means oil demand climbing from 100 million barrels a day to 113 million in 2050,
00:32and prices hovering near $90 a barrel by 2035.
00:36Translation, fossil fuels still have gas left in the tank.
00:41The shift lands just as world leaders gather for COP30 in Brazil, and it's deja vu for climate watchers.
00:48The demand scenario for oil and gas is further proof the road to net zero by the middle of the century will be bumpier than previously anticipated.
00:58OPEC welcomed the report, calling it a rendezvous with reality.
01:03For investors, it's another reminder that in the race to net zero, oil is not done just yet,
01:09and the finish line keeps moving further down the road.
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