World Demand of Crude Oil

The International Energy Agency predicted that peak oil demand would be reached by 2030 and hailed the decline of crude as a “welcome sight.”

OPEC leaders reacted harshly, accusing the agency of fear-mongering and risking the destabilization of the world economy.
Oil producers have been accused of dialing back their climate pledges in recent months following record annual profits.


It’s been a war of words and numbers between two major players in the energy industry – the International Energy Agency and OPEC – as they spar over the future of something crucial to crude producers’ survival: peak oil demand.


Peak oil demand refers to the point in time when the highest level of global crude demand is reached, which will be immediately followed by a permanent decline. This would theoretically decrease the need for investments in crude oil projects and make them less economical as other energy sources take over.

For oil producing countries and companies, it’s existential.

That’s why when the chief of the IEA, an intergovernmental organization that advocates for oil-consuming countries, predicted that peak oil demand would be reached by 2030 and hailed the decline of crude as a “welcome sight,” OPEC was furious.

“Such narratives only set the global energy system up to fail spectacularly,” OPEC Secretary-General Haitham al-Ghais said in a Sept. 14 statement. “It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world.” He accused the agency of fearmongering and risking the destabilization of the global economy.

More broadly, the spat reflects the ongoing clash between climate change concerns and the need for energy security. That juxtaposition was on full display at ADIPEC – the annual gathering whose name stood for Abu Dhabi International Petroleum Exhibition Conference until this year, when it was quietly changed to Abu Dhabi International Progressive Energy Conference.  READ MORE...

Problems with Electric Cars

DRIVERS have been issued an urgent warning regarding serious problems with electric cars despite their soaring popularity.

Electric vehicle technology is improving at a rapid pace, with a wider choice of cars and advancements in overall range, battery efficiency and public charging availability.

It's seen sales of electric cars become increasingly popular across the globe.

The latest figures released by the International Energy Agency (IEA) suggest almost one-in-five new cars sold worldwide this year will be either full battery electric or plug-in hybrid models.

In total, 14 million EVs are expected to be sold this year, up from around a million in 2017.

But although electrification of the global vehicle fleet brings less pollution, there is also cause for concern.

EV's are by no means perfect and there are some issues which appear to be putting a real dampener on increasing sales, reports NewScientist.

SUVs have been growing in popularity in recent years, accounting for 42 per cent of all car sales in 2020.

And electric SUVs have also gained ground, representing roughly 35 per cent of electric passenger car sales in 2022.

Christian Brand at the University of Oxford has labelled trend towards larger cars a “mobesity” epidemic.  READ MORE...