Global oil demand is on track to peak by 2030, says International Energy Agency

Oil demand will peak by 2030 as previously projected, executive director of the International Energy Agency (IEA) reiterated on Tuesday (Oct 22). Speaking to CNA’s Roland Lim on the sidelines of the Singapore International Energy Week, Dr Fatih Birol cited reasons like the economic slowdown in China - which was behind over 60 per cent of oil demand growth for the past decade - and the rising acceptance of electric vehicles. His comments came a day after Saudi Aramco CEO Amin Nasser said oil consumption is likely to increase until 2050 due to demand from developing economies. Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service for must-read stories: Telegram - https://cna.asia/telegram WhatsApp - https://cna.asia/whatsapp Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasia Instagram: https://www.instagram.com/channelnewsasia Twitter: https://www.twitter.com/channelnewsasia TikTok: https://www.tiktok.com/@channelnewsasia