### Global Oil and Gas Demand Projections: A Shift in Expectations The International Energy Agency (IEA) has recently revised its forecasts regarding global oil and gas demand, projecting that consumption could continue to rise until 2050. This marks a significant departure from earlier predictions that anticipated a peak in oil demand within this decade. The shift is attributed to slower adoption of green technologies and a renewed focus on energy security amid global energy needs. The IEA's findings suggest that the world may struggle to meet climate goals, particularly the target of limiting temperature increases to 1.5 degrees Celsius above pre-industrial levels, as governments reassess their energy strategies in light of current geopolitical and economic pressures [https://www.foxbusiness.com/energy/oil-gas-demand-could-grow-until-2050-iea-says][https://thedeepdive.ca/global-oil-demand-may-keep-rising-for-decades-energy-agency-now-says]. ### Breakdown of the IEA's Revised Projections 1. **Demand Growth Until 2050**: The IEA's "Current Policies Scenario" indicates that global oil demand could reach 113 million barrels per day by 2050, reflecting a significant increase from previous estimates [https://thedeepdive.ca/global-oil-demand-may-keep-rising-for-decades-energy-agency-now-says]. 2. **Impact of Energy Security**: The agency's revision comes in response to heightened concerns over energy security, particularly following geopolitical tensions and the ongoing energy transition challenges faced by many countries [https://oilprice.com/Latest-Energy-News/World-News/IEA-Drops-Peak-Oil-Predictions.html]. 3. **Climate Goals at Risk**: The IEA warns that the world is likely to fall short of its climate targets, with the current trajectory of fossil fuel consumption undermining efforts to combat climate change [https://www.marinelink.com/news/iea-predicts-world-oil-gas-demand-grow-532356]. 4. **Government Policies and Renewable Energy**: The future of oil and gas demand will heavily depend on how governments manage clean energy targets and the expansion of renewable energy sources [https://cryptorank.io/news/feed/4c7a1-iea-peak-oil-demand-could-grow-2050]. ### Supporting Evidence and Data - **Projected Oil Demand**: The IEA's report anticipates that oil demand could rise to **113 million barrels per day** by 2050, a notable increase from earlier forecasts [https://thedeepdive.ca/global-oil-demand-may-keep-rising-for-decades-energy-agency-now-says]. - **Climate Impact**: The agency's outlook suggests that the world is unlikely to meet the **1.5 degrees Celsius** temperature increase goal, indicating a significant challenge in achieving climate objectives [https://www.marinelink.com/news/iea-predicts-world-oil-gas-demand-grow-532356]. - **Energy Security Focus**: The shift in projections reflects a broader trend of prioritizing energy security over rapid transitions to cleaner energy sources, influenced by recent geopolitical events [https://oilprice.com/Latest-Energy-News/World-News/IEA-Drops-Peak-Oil-Predictions.html]. ### Conclusion: Implications of the IEA's Findings The IEA's revised projections indicate a **continuing growth in global oil and gas demand until 2050**, challenging previous assumptions about a swift transition to renewable energy. This shift underscores several critical points: 1. **Increased Demand**: The expectation of rising oil demand highlights the ongoing reliance on fossil fuels despite climate change concerns. 2. **Energy Security Prioritization**: Governments are likely to focus more on energy security, potentially at the expense of climate goals. 3. **Urgent Need for Policy Reassessment**: There is a pressing need for governments to reassess their energy policies to balance energy security with climate commitments. These findings suggest a complex future for global energy consumption, where the interplay between demand, policy, and climate goals will be crucial in shaping the energy landscape [https://www.foxbusiness.com/energy/oil-gas-demand-could-grow-until-2050-iea-says][https://thedeepdive.ca/global-oil-demand-may-keep-rising-for-decades-energy-agency-now-says].