The International Energy Agency (IEA) has said that global oil and gas demand may continue to increase until 2050, in contradiction of earlier predictions of a rapid shift to cleaner energy. The IEA’s latest report projects that oil demand could rise to 113m barrels per day by mid-century and highlights a significant growth in liquefied natural gas (LNG) supply, which is expected to increase by 50% by 2030. Additionally, the IEA warns that the world is on track to exceed the critical 1.5 degrees Celsius temperature rise target set by international climate agreements.
IEA predicts continued rise in demand for oil and gas until middle of century
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