IEA Director Doesn't See a Peak in Global Oil Demand
February 21 2018 - 7:22AM
Dow Jones News
By Benoit Faucon
PARIS--The International Energy Agency doesn't expect global
demand for oil to peak going forward, its executive director said
Wednesday.
The remarks come after British oil giant BP PLC (BP) predicted
Tuesday that demand for crude oil could peak in the next two
decades, as renewables like solar power surge faster than expected
to meet a greater share of the world's energy mix.
However, at the IP Week conference in London, IEA Director Fatih
Birol said the agency, which monitors energy trends for big
consumers, doesn't "see a peak in oil demand, unlike what some
companies say."
While the use of electric cars will increase by 2040, they will
remain a minority and "demand will grow because of trucks, jets and
petrochemicals," he said.
Mr. Birol said that while Saudi Arabia will remain the world's
top oil exporter, the U.S. will establish itself as the number one
producer in the long run.
The IEA said last month that U.S. oil production is expected to
surpass Saudi Arabia's output this year, upending a global pecking
order that has been a basis of U.S.-Middle East policy for
decades.
Write to Benoit Faucon at benoit.faucon@dowjones.com
(END) Dow Jones Newswires
February 21, 2018 07:07 ET (12:07 GMT)
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