The world’s consumers are not yet ready to say goodbye to the era of oil. The world’s consumers are not yet ready to say goodbye to the era of oil, according to the International Energy Agency’s (IEA) World Energy Outlook (WEO) 2017 report. WEO 2017 projects that global oil demand will continue to grow to 2040, although at a steadily decreasing pace. Up until the mid-2020s demand growth remains robust, according to the IEA’s New Policies Scenario, but slows thereafter as greater efficiency and fuel switching bring down oil use for passenger vehicles. Powerful impetus from other sectors is enough to keep oil demand on a rising trajectory to 105 million barrels per day by 2040 though, according to the report, with oil use to produce petrochemicals the largest source of growth, closely followed by rising consumption for trucks, aviation and shipping. WEO 2017 also projects that the United […]