Global subsidies for fossil fuels have reached a record $7 trillion in 2022, with the costs driven by post-pandemic consumption growth and Russia's invasion of Ukraine, according to the International Monetary Fund, causing strain on budgets, pollution, and exacerbating global warming.
Exxon Mobil Corp projects that oil and natural gas will still account for 54% of the world's energy needs in 2050, with CO2 emissions doubling the desired scenario set by the IPCC.
U.S. natural gas production reached a new high in 2022, surpassing Russia and Iran, while consumption increased due to a shift away from coal and growth in renewable energy.
The price of crude oil may reach triple digits by the end of next year, potentially impacting Americans' voting decisions, as global demand for oil is projected to reach a record high of 102 million barrels per day, according to the International Energy Agency and Goldman Sachs analysts.
Demand for coal, natural gas, and oil is expected to peak in the near future, even without new climate policies, as a result of the shift towards renewable energy and electric vehicles, according to the International Energy Agency.
OPEC expects robust growth in global oil demand in 2023 and 2024, with pre-pandemic levels surpassing by 2023, due to signs of strong recovery in major economies despite challenges like high interest rates and inflation.
Oil prices are reaching their highest levels in 10 months, leading to gains for energy stocks like Pioneer Natural Resources and Coterra Energy, prompting Jim Cramer to suggest it's a good time to invest in these companies.
OPEC dismisses claims of peak oil and fossil fuel demand before 2030, stating that peak demand for oil, gas, and coal will not occur until the next decade, contrary to the International Energy Agency's recent projections.
Top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil have pushed back forecasts of peak oil demand and emphasized the need for continued investment in conventional oil and gas, stating that the energy transition will require more time and investment.
Global demand for fossil fuels is expected to peak by 2030, but this alone will not be enough to limit global warming to the target of 1.5 degrees Celsius, according to the International Energy Agency (IEA). The IEA highlights the need for a rapid expansion of renewable energy sources and a 25% decrease in fossil fuel demand by 2030, along with significant investments in clean energy and technologies such as carbon capture and storage. Despite progress in clean energy adoption, achieving the 1.5-degree target remains a challenging task.
Global fossil fuel demand needs to decrease by 25% by 2030 and 80% by 2050 to limit global warming and achieve climate change goals, according to the International Energy Agency's Net Zero Roadmap.
Despite pledges from large companies and banks to divest from coal, the dirty energy source continues to have unexpected staying power as smaller funds like Javelin Global Commodities fill the gap in coal investing, and global coal demand reached an all-time high in 2022 amid the energy crisis, surpassing the previous record set in 2013, according to a report by the International Energy Agency.
Oil demand is predicted to remain strong into 2024, with a substantial rate of growth expected despite the potential impact of electric vehicles.
OPEC has raised its long-term forecast for global oil demand, predicting that it will reach 116 million barrels per day by 2045 and requiring $14 trillion in investment to meet this upswing, despite the expansion of renewable energy technologies.
OPEC raised its world oil demand forecasts for the medium and long term, estimating that $14 trillion of investment is needed to meet the demand by 2045, despite the pushback against net zero targets and the rise of renewable fuels and electric cars.
OPEC has increased its long-term oil demand forecast to 116 million barrels per day by 2045, contradicting the International Energy Agency's prediction that demand will peak.
