(Bloomberg) -- The world is heading into an era of cheaper energy prices as a shift towards electricity use leaves behind surpluses of oil and gas, the...
-- The world is heading into an era of cheaper energy prices as a shift towards electricity use leaves behind surpluses of oil and gas , the International Energy Agency predicted.Global demand for all fossil fuels will stop growing this decade, while supplies of oil and LNG are set to climb, the IEA forecast in its annual long-term report. Meanwhile, an ongoing surge in electricity consumption led by China is on track to accelerate, it said.
Electricity use has grown at twice the pace of total energy demand over the past decade, and, driven by China, will increase six times as fast during the coming 10 years, according to the agency. Electric vehicles will account for 50% of new car sales worldwide by 2030, up from 20% currently, it predicted.
Led by Saudi Arabia, OPEC+ is already holding back record spare capacity of around 6 million barrels a day following a series of production cutbacks, a level that the IEA expects will reach 8 million barrels by 2030.Some major oil companies have pivoted back to their traditional businesses after a brief orientation towards renewables, with BP Plc last week reportedly scrapping targets to cut oil and gas output by 2030. Goldman Sachs Group Inc.
Yet the world still isn’t on track to meet international environmental goals, it cautioned. By the end of the century, temperatures are set to increase by 2.4 degrees Celsius above pre-industrial levels, instead of the 1.5 degree limit envisioned by the Paris Agreement. HUTCHMED Announces that TAGRISSO® plus ORPATHYS® demonstrated high, clinically meaningful response rate in lung cancer patients with high levels of MET overexpression and/or amplification in SAVANNAH Phase II trial
Bloomberg Oil And Gas Electricity Consumption Fatih Birol Global Demand Oil Supplies Total Energy Demand
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