Record Global Fuel Usage Defies IEA Projection

Worldwide gas intake struck a record 26.9 million barrels daily (bpd) this year, surpassing the 2019 peak and defying quotes that the last pre-pandemic year was the time when gas need worldwide would peak.

The information, reported by Bloomberg Viewpoint writer Javier Blas, reveals the most recent figures from the International Energy Company (IEA). The very same firm, which has actually been highly promoting for a quicker energy shift for several years, had actually anticipated simply this year that 2019 was the peak need for gas worldwide.

Back in June, in its Oil 2023 yearly report, the IEA stated that “Development is set to reverse after 2023 for gas and after 2026 for transportation fuels in general.”

” Fuel need will be disproportionately affected as EVs gradually change lorries with internal combustion engines (ICE),” the IEA stated, including that “This implies that the fuel is most likely to show the earliest and most noticable peak in need.”

And it likewise stated that “Use will never ever go back to 2019 levels and the post

pandemic peak might come as early as 2023. Following a short plateau, the decrease is anticipated to speed up from 2026 onwards.”

Nevertheless, the IEA’s newest figures not just reveal that 2019 wasn’t the peak need year for international gas intake, however that need in both 2023 and 2024 would exceed the pre-pandemic levels.

Per the most recent information reported by Bloomberg’s Blas, gas need worldwide is set to more increase next year, to leading 27 million bpd.

In the June report, the IEA anticipated that “Following a short plateau, the decrease is anticipated to speed up from 2026 onwards, with 2028 need 900 kb/d listed below that of 2019.”

The IEA likewise notoriously stated previously this year that international need for all 3 nonrenewable fuel sources– oil, gas, and coal– is set to peak before 2030, which weakens the case for increasing financial investment in nonrenewable fuel sources.

By Tsvetana Paraskova for Oilprice.com

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