Baku: According to Fatih Birol, Executive Director of the International Energy Agency (IEA), global oil demand is expected to peak before 2030. Birol, who spoke at the presentation of the IEA’s World Energy Outlook 2024, emphasized that although oil will remain essential for many years, its demand growth will begin to weaken.

According to Trend News Agency, Birol explained that the peak in oil demand does not signify an immediate decline, but rather a slowdown in growth due to various economic and technological factors. A significant factor in this shift is the transformation of the transportation sector, particularly the increase in electric vehicle adoption. “We are witnessing significant penetration of electric vehicles in car markets across key regions,” Birol stated. He noted that globally, electric vehicles are expected to make up over 20% of all cars this year, with figures in China already exceeding 50%. By 2030, about half of all new cars worldwide are projected to be electric, mirroring current tre
nds in China.

Birol also highlighted the strong momentum in renewable energy, especially in electricity generation. He pointed out that in 2024, more than 80% of all new power plants constructed globally are anticipated to be renewable. This aligns with the IEA’s recent reports, indicating a substantial shift towards clean energy sources.

Furthermore, Birol discussed the resurgence of nuclear power, noting that as predicted nearly three years ago, nuclear energy is experiencing a significant revival globally. “By 2025, we will see the highest level of nuclear power generation in history, with more nuclear power plants being developed across different regions,” he said.

These trends indicate a significant transformation in the global energy landscape, with broad implications for future oil demand.