Oil demand could peak this year: IEA

CNN: Global oil demand is projected to peak in the next few years even as some major energy companies announce plans to reinvigorate their fossil fuel businesses. 
The world’s appetite for oil is still rising, the International Energy Agency (IEA) said in a report yesterday but annual growth is expected to slow to just 0.4 percent by 2028. 
“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,” said IEA Executive Director Fatih Birol. 
Birol added that last year’s energy crisis had hastened the shift to cleaner sources 
of energy. 
The agency expects global oil demand to reach nearly 106 million barrels per day in 2028. But the rate of growth will “shrivel” from the current 2.4 million barrels per day to just 400,000 in five years’ time. 
The global thirst for oil is likely to be affected by stricter fuel efficiency standards, growth in the electric vehicle market and structural changes to economies around the world, according to the agency.
The IEA’s latest forecasts update its prediction in October that demand for oil would plateau by the mid-2030s.
In that report, the Paris-based agency said the fallout from Russia’s invasion of Ukraine last year had hastened the global transition to cleaner forms of energy. It also expected investments in low-carbon energy worldwide to increase to US $ 2 trillion a year until the end of the current decade — up 50 percent from 
October’s level.