After recovering from the “exceptional ferocity” for the COVID-19 crisis, world oil demand will rise from 97.9 million b/d in 2019 to 104.1 million b/d in 2040. Compared to last year’s report, oil demand is some 2 million b/d lower in 2030, when it stabilizes at just over 103 million b/d, and in 2040. Under a “delayed recovery scenario”, the recovery timeline is pushed back two years, delaying a full rebound and reducing long-term oil demand by a further 4 million b/d. The IEA forecasts a net oil demand increase of around 50,000 b/d from behavior changes in 2030 as a result of the pandemic. The outlook for biofuels demand in 2040 is raised by 380,000 b/d to 5.1 million b/d. The IEA left its estimate for the number of electric cars on the roads in 2040 little changed at 330 million vehicles. London — The International Energy […]

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