IEA Sees $90 Crude Ahead Of Oil’s Downfall

Global oil demand will plateau around 2030, according to a major new report, but the decline in demand is way too slow to head off the worsening effects of climate change. Oil demand begins to flatten out in the 2030s “under pressure from rising fuel efficiency and the electrification of mobility,” The International Energy Agency (IEA) said in its widely-anticipated annual World Energy Outlook. However, the agency does not see a peak in CO2 emissions through 2040, even in a scenario that incorporates some intended policy targets. The…