Tsvetana Paraskova writes at Oil Price   Excerpts in italics with my bolds.

• A new report from the Economist Intelligence Unit shows global energy consumption rising by 1.8% in 2024, hitting a new record high.
• Despite high prices and supply disruptions, the report shows crude oil and natural gas demand climbing in 2024.
• Demand for renewable energy is also expected to rise in 2024, climbing by 11%

Global energy and fossil fuel consumption is set to defy wars and high prices and hit a record high level in 2024, led by strong Asian demand, the Economist Intelligence Unit said in a new report on Wednesday.  Next year, global energy consumption is expected to increase by 1.8%, according to the EIU report.  

“Despite still-high prices and unsolved supply chain disruptions, demand for fossil fuels will reach record levels, but demand for renewable energy will rise by 11%,” the authors of the report wrote.

Oil demand alone is expected to increase by 1.7% next year, per the report. Natural gas demand is set for 2.2% growth, led by Asia and the Middle East, while Europe will continue to see depressed demand as it looks to save gas and energy.

Renewable capacity additions are set for a record high this year at around 400 gigawatts (GW) and will continue to rise in 2024, according to the report. [Note that electricity generated is much lower than capacity ratings.]

Global oil demand is set to rise by 2.4 million barrels per day (bpd) to a new record-high this year and by another 2.2 million bpd next year amid an improving Chinese economy, OPEC said in its latest monthly report earlier in October, leaving its demand forecast for both 2023 and 2024 unchanged, despite fears of slowing economies and demand destruction. World oil demand is set to reach a record average of 102.1 million bpd in 2023, driven by a 2.3-million-bpd demand increase in the non-OECD region, OPEC noted.

Coal demand globally is also expected to remain at record-high levels this year, said none other than the International Energy Agency (IEA) earlier this year.

IEA Tries Self Fulfilling Prophecy Against Carbon Fuels

The IEA Reiterates Its Peak Oil Demand Prediction by Irina Slav.  Excerpts in italics with my bolds.

• In its latest World Energy Outlook, the International Energy Agency has reiterated its claim that crude oil, natural gas, and coal will peak before 2030.
• The agency sees the emergence of a new clean energy economy as providing hope for the way forward, emphasizing the economic case for clean energy technologies.
• The report focuses on the importance of resilience and energy security, particularly due to the geopolitical developments currently disrupting energy markets.

Demand for oil, natural gas, and coal is set to peak before 2030, which undermines the case for increasing investment in fossil fuels.  This is one of the outtakes from the International Energy Agency’s World Energy Outlook, released earlier today.  While the agency does admit that investment in fossil fuels will remain necessary, it claims the growth era is over.

Last month, the agency’s head, Fatih Birol, wrote in an op-ed that
oil, gas, and coal demand were all going to peak before 2030
thanks to the increase in EV adoption and slower Chinese GDP growth.

According to the IEA, “The economic case for mature clean energy technologies is strong” and energy security is an increasingly important consideration, too.

“In 2020, one in 25 cars sold was electric; in 2023, this is now one in 5,” the report also said as part of its case for EVs. However, an EV sales database reveals that for the first half of this year, sales of battery electric vehicles, the true EVs, only represented a tenth of total sales. Combined with plug-in hybrids, EV sales accounted for 14.1% of total sales.

OPEC Takes a Different View

When Birol first mentioned peak oil, gas, and coal, he prompted an immediate reaction from OPEC, which slammed the head of the IEA for making unwise predictions that could threaten the world’s energy supply security.

“Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world,” OPEC secretary-general Haitham al-Ghais said in September.

The release of the World Energy Outlook may now prompt a similar response from OPEC, which forecast recently that demand for oil is going to continue rising at least until 2045.