We're seeing a clear slowdown in oil demand growth, says IEA

Toril Bosoni, head of the oil industry and markets division at the IEA, discusses the agency's latest Oil Market Report.

[@thorium222]

EV sales are up worldwide in the first half of the year by 25 %. Sure, some automakers are seeing stalling EV sales for their products, but that's on them really.

[@TomUlcak]

Perhaps, finally, the markets are seeing the connection between oil consumption and renewal energy..................... sure took a long time..............

[@richardincm]

Generating more of the worlds' electricity by renewables is slowly having an effect on demand for oil/gas.

[@dapred00]

Oil is rarely consumed to produce electricity, therefore renewables are totally off topic to justify oil demand slowing.

[@cameronf3343]

@@dapred00Oil is still a large contributor to grid production in several European, African and Arab countries. It’s a rare contributor in the Americas, Asia and Australia. More renewables online in those regions has definitely contributed to it.

[@matthewhuszarik4173]

@@cameronf3343Only about 2%-3% of world electricity is produced by oil now. It was about 5% a decade ago. So not a huge change. Renewables have gone from 5% to 15% in the same period. The primary cause of slowing growth in oil consumption is hybrid vehicles that use significantly less fuel for the same use and of course BEV. While hybrids don’t individually save nearly as much oil as BEV that they are in much greater numbers results in them saving more oil overall.

[@cameronf3343]

@@matthewhuszarik4173 Read that very aggressively. I’m not pro-oil or pro-fossil fuels by the way. I want them to be nonexistent outside of the few niche applications that fossilized oils cannot be replaced by plant derived oils, honestly. But only 15% renewables sounds like we need to do better, I mean here I am being proud of my US being roughly 25% right now and growing and the world’s only 15? We’ll get there.

[@dapred00]

@@cameronf3343 Wrong, no oil power plants over there. Gas or coal for sure, not oil. Even Saudi Arabia does not burn oil to make electricity as it would be a waste rather than using gas. Better check your sources.

[@sony5244]

EV'S are making a difference on the price of oil.

[@TAD-9]

gas stations are starting to shutting down here in Norway.

[@timisaacson5509]

eScooters and eBikes are having a big impact on oil demand. In many parts of the world people commute to work on eScooters and eBikes instead of driving a gas powered car.

[@davidrandall2742]

Good.

[@ramontrevinosantoyo3303]

AÑO 2024, SE EMPIESA A SENTIR EL IMPACTO DE LAS ENERGÍAS SUSTENTABLES.

[@irwinsaltzman979]

The economist had a report on solar panel production. This has to have had an effect on fossil fuel demand( donot have any data) . I wish the talking heads would be better informed of the entire market and the effect of renewables.

[@davidblair9877]

Heritage Foundation: “truly a crisis of unprecedented magnitude”

[@ajx9747]

GREEN REVOLUTION 📈📈📈

[@KevinDaken]

This is misleading, as EV's don't displace Oil. The Electricity they use for charging comes from Gas, Coal in most Countries as very few Countries use Oil for Electricity Generation as it's too expensive. The many of the ICE cars traded for the EV's in most cases are on-sold for further use. Except in those few Countries running cash for clunker schemes. Overall World Oil Consumption is still rising due to increasing demand. 102 billion barrels last year, and 105 is projected for this year.