IEA predicts global oil demand will level off around 2030

Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles. Estonia is on the brink of a major energy transition that will involve a substantial change. As ever more of the world’s energy comes from wind and solar, new regulatory frameworks and more flexible energy systems are needed. The expansion dominated the past century, the International Energy Agency predicts. Governments and industry must address the critical work of integrating these variable renewables into their electrical grids. The International Energy Agency and the Development Bank of Latin America (CAF) are launching a new massive online open course.

The installation of solar PV systems on homes, commercial buildings and industrial facilities is set to take off. The IEA is holding its first ever Training Week on energy efficiency in Sub-Saharan Africa this week. While the current growth rate of 1 MMbpd or about 1% will hold for the next five years. Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand. It will ebb to just 100,000 bpd in the 2030s, the agency said. By that time, the use of oil-based fuels in passenger cars will have peaked. The IEA held a workshop on the modernisation of gas transmission and distribution services last week in Brasilia, Brazil.

Fatih Birol, executive director of the Paris based agency says “Demand growth is robust to 2025, but growth slows to a crawl thereafter”.

The IEA said in its long-term World Energy Outlook. The prospect of “peak demand” has spread in the oil industry in recent years as countries seek to avert catastrophic climate change. Estonia’s energy supply is unique among IEA member countries because of its strong reliance on domestically produced oil shale. The Global Ministerial Conference on System Integration of Renewables is being held today in Berlin. This work is essential to make sure that countries can benefit from higher shares of renewable power. The diversifying from fossil fuels, and as renewable-energy sources get cheaper. The free course will empower participants to identify practical options to advance energy efficiency in buildings.

The training is running from 14 to 17 October in Pretoria, South Africa. Southeast Asia Energy Outlook 2019 finds encouraging indications in many areas. The event ran from 22-24 October, brought together experts from Brazil, Austria, France, Hungary. The report, part of the IEA’s flagship World Energy Outlook series, was released alongside two other studies focused on the region. Economic Affairs and Energy and the International Energy Agency convened a one-day ministerial conference. the IEA sees “no definitive peak. The stagnation it envisages will have far-reaching consequences. It brought together 150 policy makers from 33 countries in Sub-Saharan Africa.

The content of the reports reflects the priorities of senior energy leaders in Southeast Asia. The warning comes at a particularly delicate moment for Saudi Arabia, the world’s biggest oil exporter. The Global Ministerial Conference on System Integration of Renewables was attended by high-ranking officials and industry CEOs. Building floor area could more than double in Latin America by 2060, which would have a dramatic effect on energy systems. The applications – known collectively as distributed PV are the focus of the IEA’s Renewables 2019 market report. Ambassadors and senior representatives from international organisations are also in attendance and will share their perspectives for Africa.

In 2018, energy ministers from the Association of Southeast Asian Nations (ASEAN) called for “stronger institutional ties” between ASEAN. IEA analysis shows that deploying cost-effective energy efficiency measures can stabilise the level of energy. It is selling a stake in its state-run oil company as part of its preparations for a lower-carbon world. The course is an important resource to equip policymakers and stakeholders with the tools to unlock the cost-effective efficiency potential in building. In addition, representatives from leading African efficiency organisations will highlight the importance. The topics are all examined in detailed deep dives in the new reports.

The kingdom acknowledged the risk of peak demand in the prospectus for the initial public offering. It is presenting the report at the 3rd Singapore-IEA Forum, part of Singapore International Energy Week. The report forecasts that the world’s total renewable-based power capacity will grow by 50%. The report does offer oil producers some solace. The IEA is helping us to connect the dots on energy efficiency in Sub-Saharan Africa. Southeast Asia Energy Outlook 2019 and the two accompanying reports are a demonstration of the IEA. Even as demand growth slows, depleting oil reserves will still need to be replaced. The course consists of four modules and covers the fundamental technical, design, policy.

The necessity to find new supplies should cause prices to rise from current levels of about $60/bbl to reach $90. It has a geographic focus on Latin America and the Caribbean, and will cover how building design. Global oil demand averaged 96.9 MMbpd last year and will climb to 105.4 MMbpd in 2030, the IEA projected. The IEA has expansive work programmes with nations across the region. The IEA and OECD to participate in seven gender-balanced panels. The growth rate of 100,000 bpd is about half the level the agency predicted in last year’s report. It increase of 1,200 gigawatts equivalent to the current total power capacity of the United States.

It provides the country with a high degree of energy independence. It will look at how the world can master the challenges of system integration. ASEAN identified the IEA as a key strategic partner this year, putting it in a unique position to work with and assist the region. The workshop attracted an audience of over 200 industry and public sector participants. It is concentrated mostly in the aviation, shipping and plastics sectors. Demand will reach 106.4 MMbpd in 2040. In the future, Estonia’s transport and power sectors will need to shift to lower-carbon energy sources. The expected growth comes after renewable capacity additions stalled last year for the first time in almost two decades.

Ms Mokgadi Modise, Deputy Director says “We need to take international experience and contextualise to make it so simple”.

The use of more fuel-efficient car engines will knock out 9 MMbpd of demand, while the growth of electric cars will displace about 4 million a day. Its industry is set to move towards extracting higher value from the country’s oil shale resources. Yet despite the flattening of oil demand, worldwide emissions of carbon dioxide from energy will keep increasing after 2040. It was co-chaired by Peter Altmaier, the German Federal Minister for Economic Affairs and Energy. The renewed expansion remains well below what is needed to meet global sustainable energy targets. It’s developing nations continue to burn coal for power generation, according to the report.

China’s oil-demand growth, which drove the bull market that propelled crude prices to a record $147 a barrel a decade ago. The 3-day event focused on key transmission and distribution sector topics. The country’s consumption will top out at 15.7 MMbpd. Germany’s energy transition rests on three pillars: expansion of solar and wind energy. The OPEC cartel led by Saudi Arabia, besides being buffeted by faltering demand, also faces the relentless rise of customer-turned-rival, America. The approach is both cross-disciplinary and practical, applying foundational concepts to real-world examples from Latin America. The U.S. will account for 85% of the growth in production worldwide to 2030 as its shale-oil boom continues, according to the IEA.

U.S. production will reach 20.9 MMbpd in 2025, when its combined exports of crude and refined oil will overtake Saudi Arabia’s. Participants begin their week with a look at opportunities and future perspectives for efficiency in Sub-Saharan Africa. That will shrink the share of world markets held by the Organization of Petroleum Exporting Countries and partners like Russia. Participants in the course will have a solid understanding of the big picture. From controlling just over half of global supply now, their share will diminish to 47% in 2025, the lowest since the 1980s, the IEA said. Renewables are already the world’s second largest source of electricity. If OPEC continues restraining production to prop up prices, its output won’t exceed last year’s levels until 2030.

The OPEC+ coalition has cut production this year to prevent a surplus. It also featured a special panel on inclusive growth of the energy sector. The efforts to manage the oil markets did not give the result they had in mind. The workshop was part of the second phase of the IEA-Brazil gas market reform dialogue. Prices did not increase, and U.S. production continues to increase. The agency’s collaboration with national governments and ASEAN takes place across a wide range. The use of renewable energy is growing everywhere around the world. The IEA is prioritising work in Africa in the years ahead. It together with production growth from Brazil, Canada, Norway and Guyana.

Facebook Comments