Global oil demand won’t stop growing before 2040 despite pledges made at the Paris climate change summit last year to cap greenhouse-gas emissions, the head of the International Energy Agency said. IEA Executive Director Fatih Birol’s comments have added to a debate over when oil consumption—which has steadily grown for decades—will begin a sustained decline, a change known as peak demand. Royal Dutch Shell PLC’s Chief Financial Officer Simon Henry caused a stir earlier this month when he said the company believes demand for oil could stop growing within the next two decades and as soon as five years. Mr. Birol said demand will keep rising for longer because there are currently scant alternatives to oil for road freight, aviation and petrochemicals, despite increasing investment in renewable energy. Even efficiency gains in petrol engines and an increase in the number of electric vehicles on the road won’t be enough […]