The International Energy Agency (IEA) has revised its outlook for global oil and gas demand, projecting growth until 2050, contrary to earlier expectations of a rapid shift to cleaner fuels. This shift follows U.S. criticism of the IEA’s climate focus. The agency warned that the world is unlikely to meet the goal of limiting temperature rise to 1.5 degrees Celsius above pre-industrial levels, which is crucial to mitigate severe climate change impacts.
The IEA’s latest report indicates that under current policies, global oil demand could reach 113 million barrels per day by mid-century, a 13% increase from 2024 levels. This scenario reflects existing government policies rather than ambitious climate goals. The IEA’s head, Fatih Birol, noted this adjustment to highlight the varying energy decisions made by governments.
Additionally, the report anticipates a significant increase in liquefied natural gas (LNG) capacity, with new projects expected to boost supply by 50% by 2030. It also emphasizes the need for urgent global action to bridge the gap in climate ambitions, as the world is projected to exceed the 1.5°C target under all scenarios presented.
