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[ltr]International energy surprises the world with the end of the oil age[/ltr]
A report by the International Energy Agency (IEA) on Wednesday surprised the countries of the world, especially crude oil producers, about when the end of oil will start as the main source of fuel and energy amid the growing use of clean energy.
Global demand for oil is expected to slow from 2025 as fuel efficiency improves and the use of electric-powered vehicles increases, but is unlikely to peak in the next two decades, the IEA said.
The Paris-based agency, which advises Western governments on energy policies, in its annual World Energy Outlook for the period up to 2040 said growth in energy demand would continue to increase although it would slow down significantly in the decade beginning in 2030.
The IEA believes in its basic forecast, which combines energy policies with stated objectives, that oil demand will rise by about one million barrels per day on average until 2025 from 97 million barrels per day in 2018.
The IEA expects demand to increase by an average of 0.1 million barrels per day per year during the decade starting 2030 to 106 million barrels per day in 2040.
"There has been a significant slowdown after 2025 but this does not lead to a definite peak in the use of oil," the IEA said, citing increased demand from trucks, shipping, aviation and petrochemical sectors.
However, the use of oil in passenger cars is expected to peak at the end of the decade starting in 2020 as passengers switch to electric vehicles.
The IEA expects there will be around 330 million electric vehicles on the road by 2040, up from 300 million projected in last year's report, which would remove about 4 million barrels per day of oil use, compared with 3.3 million bpd in earlier forecasts.
The largest increase in oil production in the United States is expected to be the world's largest producer, along with Iraq and Brazil.
The agency expects US crude production to rise to 11 million bpd in 2035 from 6 million bpd in 2018.
The Organization of the Petroleum Exporting Countries' share of oil production is expected to fall to 47 percent in most of the next decade, a level not seen since the 1980s.
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