The Oil Demand Outlook COP28 Leaders Would Hate
The International Energy Agency said in its recent oil report that oil consumption is close to peaking, thanks to transition efforts and energy efficiency gains.
Goehring and Rozencwajg: In 12 of the past 14 years, the IEA has underestimated oil demand by an average annual of 820,000 barrels per day.
Goehring and Rozencwajg: “If the IEA’s error were a country, it would be the world’s 21st largest oil consumer,”.
This week, a report from a climate organization warned that emissions from the combustion of hydrocarbons are set for a record this year.
This is despite the massive buildout of wind and solar capacity, hundreds of billions of investments in alternatives of hydrocarbons, and pledges for a lot more.
There appears to be a gap between stated goals and ambitions and reality. It might be more difficult to see looking at the oil futures market, but it is there. And it may be getting deeper.
The International Energy Agency said in its recent oil report that oil consumption is close to peaking, thanks to transition efforts and energy efficiency gains.
Goehring and Rozencwajg: In 12 of the past 14 years, the IEA has underestimated oil demand by an average annual of 820,000 barrels per day.
Goehring and Rozencwajg: “If the IEA’s error were a country, it would be the world’s 21st largest oil consumer,”.
This week, a report from a climate organization warned that emissions from the combustion of hydrocarbons are set for a record this year.
This is despite the massive buildout of wind and solar capacity, hundreds of billions of investments in alternatives of hydrocarbons, and pledges for a lot more.
There appears to be a gap between stated goals and ambitions and reality. It might be more difficult to see looking at the oil futures market, but it is there. And it may be getting deeper.