What now for peak oil? Unpacking a surprise twist in the fossil fuel feud

Core Insights - The International Energy Agency (IEA) projects that global oil demand could rise to 113 million barrels per day by 2050, a 13% increase from 2024 levels, indicating a significant shift in outlook regarding fossil fuel demand [2] - The IEA's previous forecast suggested a peak in fossil fuel demand before the end of the decade, with a call for no new investments in coal, oil, and gas to achieve net-zero emissions by 2050 [2] Group 1 - The concept of peak oil refers to the highest point of global crude production before a decline, which has been a contentious topic between the IEA and OPEC, with accusations of fearmongering from OPEC [3] - The IEA's latest forecast is based on the "Current Policies Scenario" (CPS), which assumes no new policies beyond those currently in place, marking a departure from earlier projections [3][4] - The CPS was reintroduced after being dropped during the pandemic, reflecting a need to reassess oil demand in light of post-pandemic recovery and energy market conditions [4] Group 2 - The anticipated increase in oil demand is driven by the need for petrochemical products and jet fuel, alongside a slowdown in the growth of electric vehicles [4]