Global Oil Demand Hasn’t Yet Peaked, Energy Watchdog Predicts - Bloomberg

Global Oil Demand Hasn’t Yet Peaked, Energy Watchdog Predicts - Bloomberg:

Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions.

“In the absence of strong government policies, a sustained economic recovery and low oil prices are likely to take global oil demand back to where it was, and beyond,” Fatih Birol said in an interview.

The world consumed last year nearly 100 million barrels a day of oil, and some in the energy industry believe that could mark the peak for global demand. Their hypothesis is that the coronavirus outbreak will trigger changes, like widespread working-from-home and less overseas travel, reducing consumption permanently.

“Could it be peak oil? Possibly. Possibly. I would not write that off,” the head of British oil major BP Plc, Bernard Looney, told the Financial Times.