IEA: Peak oil 'within sight' this decade as EVs continue to destroy demand

Michael Holder
clock • 6 min read
Credit: iStock
Image:

Credit: iStock

Oil use in transport set to decline from 2026, but strong petrochemicals demand could provide oil majors with new markets

Growth in global demand for oil is set to slow significantly over the next five years and could grind to a halt as high prices and security of supply concerns continue to accelerate the shift towards cleaner...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

Michael Holder
Author spotlight

Michael Holder

Editor

View profile
More from Michael Holder

Waitrose joins pilot for setting seafood sector's first science-based nature targets

BP raises oil and gas outlook in response to AI boom and slowing efficiency gains

More on Energy

BP raises oil and gas outlook in response to AI boom and slowing efficiency gains
Energy

BP raises oil and gas outlook in response to AI boom and slowing efficiency gains

Annual Global Energy Outlook raises expectations for near and long term fossil fuel demand, fuelling fears net zero goals will be missed even as renewables generation continues to surge

Michael Holder
Michael Holder
clock 26 September 2025 • 6 min read
Global emissions accounting is evolving - it's time for businesses to get ready
Energy

Global emissions accounting is evolving - it's time for businesses to get ready

The most widely-used standard for measuring and reporting emissions is gearing itself towards locally sourced, hourly carbon-free electricity - businesses should start preparing now, writes Climate Group's Sam Kimmins

Sam Kimmins, Climate Group
clock 23 September 2025 • 4 min read
'Alarming': Fossil fuel production plans far exceed global climate targets
Energy

'Alarming': Fossil fuel production plans far exceed global climate targets

Planned coal, oil, and gas production through to 2030 is double the level that would be consistent with limiting global warming to 2C, analysis shows

Michael Holder
Michael Holder
clock 22 September 2025 • 5 min read