IEA says oil demand growth may be slower in future
BY trend
Oil demand will continue to grow at a slower pace in the future, Executive Director of the International Energy Agency (IEA) Fatih Birol said on January 17.
He made the remarks during the Strategic Update: The future of energy session held as part of the World Economic Forum which kicked off in Davos.
Talking about the impact of the electric car production on the global oil demand, Birol noted that there will be increasingly more electric cars in the future, but cars are one of the drivers of oil demand growth.
“The other divers are trucks, planes, ships and petrochemical industry which will continue to push the oil demand growth. Oil demand growth may be slower in the future than in the past, but it will continue to grow in its slower pace,” he added.
Further, the IEA executive director said that the installed capacity coming from renewables was higher than than other types of energy in 2016, which showed that renewables are not “a romantic western song” anymore.
It is a business, it is happening and people make money of that, he added.
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