Global oil demand to peak before 2030 amid energy transition: IEA

Global demand for oil is set to peak by 2030 driven by the "sufficient" momentum of the clean energy transition toward low-emission energy sources across the global economy, the International Energy Agency said in a recent report. Moves such as greater investment in renewable energy like solar power and the rise in the use of electric vehicles have begun to change the global energy system, long reliant on fossil fuels, according to the IEA's 2023 Energy Outlook released Oct. 24. The decline in demand will be undergirded by China, which has "an outsized influence on global energy trends" as the...