Picture World Gas Consumption Defies IEA Forecast

World gasoline consumption hit a anecdote 26.9 million barrels per day (bpd) this One year, exceeding the 2019 prime and defying estimates that the closing pre-pandemic One year changed into the time when gasoline inquire worldwide would prime.

The records, reported by Bloomberg Opinion columnistJavier Blasdisplays the most modern figures from the Global Energy Company (IEA). The same company, which has been strongly advocating for a faster vitality transition for years, had predicted neutral appropriate this One year that 2019 changed into the prime inquire for gasoline globally.

Relieve in June, in its Oil 2023 annual anecdote, the IEAmentionedthat “Development is save of residing to reverse after 2023 for gasoline and after 2026 for transport fuels overall.”

“Gas inquire will be disproportionately impacted as EVs gradually change automobiles with inner combustion engines (ICE),” the IEAmentionedat the side of that “This skill that the fuel is more likely to list the earliest and most pronounced prime in inquire.”

And it moreover mentioned that “Utilization would possibly maybe maybe perchance no longer ever return to 2019 phases and the submit

pandemic prime would possibly maybe maybe perchance reach as early as 2023. Following a transient plateau, the decline is forecast to accelerate up from 2026 onwards.”

On the replacement hand, the IEA’s most modern figures no longer most intriguing list that 2019 wasn’t the prime inquire One year for worldwide gasoline consumption, nonetheless that inquire in both 2023 and 2024 would surpass the pre-pandemic phases.

Per the most modern records reported by Bloomberg’s Blas, gasoline inquire globally is save of residing to further upward push subsequent One year, to prime 27 million bpd.

Within the June anecdote, the IEA predicted that “Following a transient plateau, the decline is forecast to accelerate up from 2026 onwards, with 2028 inquire 900 kb/d under that of 2019.”

The IEA moreover famously mentioned earlier this One year that worldwide inquire for all three fossil fuels – oil, pure fuel, and coal –is save of residing to prime sooner than 2030which undermines the case for growing funding in fossil fuels.

By Tsvetana Paraskova for Oilprice.com

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