The International Energy Agency further tempered its stance on an imminent peak in oil demand, reinstating a scenario in which global consumption keeps growing to the middle of the century.

While oil demand was set to plateau or fall this decade in all three scenarios the IEA examined last year, the latest report reintroduces a “Current Policies Scenario” — or CPS — in which consumption rises 13% by 2050. The stronger outlook hinges on a slower pace of electric vehicle adoption.

The revival of CPS after a five-year hiatus marks the latest revaluation of oil’s long-term prospects by the agency and the wider energy industry. It also comes at a time when the White House is held by an administration that both champions fossil fuels and attacks renewable energy sources.

Forecasts from the Pa

See Full Page