IEA's New Forecast: Oil Demand Rises 13% by 2050 on Slower EV Adoption

Group 1: Oil Demand and Consumption - The International Energy Agency (IEA) projects that oil consumption will rise by 13% by the middle of the century if current trends continue, contradicting predictions of a peak in oil and gas consumption [1] - The IEA has shifted its focus from a current policy scenario to more drastic climate action scenarios, reflecting changing political attitudes towards climate change [1] Group 2: Oil Supply Dynamics - There is an ample supply of oil globally, which contributes to the continued rise in oil demand in the short and medium term due to its relative abundance and low cost [2] - The transition to electric vehicles may not occur as rapidly as previously anticipated, as indicated by the IEA [2] Group 3: Electricity Prices and Market Conditions - Rising electricity prices in many regions are driven by increased demand from electrification, artificial intelligence, and electric vehicles [3] - An oversupply in the oil market is keeping gasoline and diesel prices relatively low compared to historical standards [3]