Global oil demand could peak before the end of this decade as the energy crisis has accelerated the transition to cleaner technologies, the International Energy Agency said Wednesday.
The Paris-based agency, which advises developed nations, forecast in its Oil 2023 medium-term market report that annual demand growth would slow sharply over the next five years.
“The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance,” IEA Executive Director Fatih Birol said in a statement.
