IEA sees more oil demand ahead
Global demand for oil is set to continue rising over the coming decades, but the popularity of coal as a fuel will be eclipsed by liquid natural gas and renewables, a report from the International Energy Agency said on Wednesday. Growth in crude consumption was forecast to be slow, in the annual World Energy Outlook unveiled in London, but still reach 103.5 million barrels a day by 2040. Current demand is 96 million bpd. The IEA said almost all of the growth in oil demand comes from four sectors: maritime international shipping, road freight trucks, jet fuel for aviation and demand for plastics from the petrochemical industry, all areas where alternatives are hard to find.