{"id":333103,"date":"2024-06-16T08:14:09","date_gmt":"2024-06-16T06:14:09","guid":{"rendered":"https:\/\/climatescience.press\/?p=333103"},"modified":"2024-06-16T08:14:12","modified_gmt":"2024-06-16T06:14:12","slug":"the-world-is-using-more-oil-coal-and-gas-than-ever-before-and-will-use-more-net-zero-is-dead","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=333103","title":{"rendered":"The world is using more oil, coal and gas than ever before and will use more. Net Zero is\u00a0dead"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

h\/t Philip Bratby<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

A recent flurry of forecasts offers us a range of different views on what\u2019s happening to the global demand for, and use of, crude oil. One thing seems to be clear, however: the chances of net zero carbon emissions in the near term \u2013 ie, by 2050 \u2013 are basically zero.<\/em><\/p>\n\n\n\n

The year so far has been a bit of a rollercoaster ride in this realm of uncertainty, with projections and forecasts more volatile than the market itself. Crude prices have remained relatively strong despite various occurrences across Europe and the Middle East that would have resulted in major upsets in decades past.<\/em><\/p>\n\n\n\n

One major point of consensus related to global oil demand growth is the expectation that it will continue to be robust, driven by a combination of factors including economic recovery, increased travel, and surging industrial activity in non-OECD nations.<\/em><\/p>\n\n\n\n

The only major body not seeing continued, massive growth is the International Energy Agency (IEA), which <\/em>revised its numbers<\/em><\/a> this week to predict that crude demand will rise by just 1 million barrels per day (bpd) next year and will (at last!) peak \u201ctowards the end of this decade\u201d at 106 million bpd, up from 102 million at the moment. The IEA expects this growth to be led by non-OECD countries, particularly China and India. The IEA and others have highlighted the importance of these regions in driving global oil demand.<\/em><\/p>\n\n\n\n

The IEA, which is <\/em>funded by 31 industrialized nations<\/em><\/a> through a dues structure, says that it believes growth in demand from India, China and elsewhere will be gradually outweighed by the expected rollout of electric vehicles and other green technologies. However, one should note that the agency has been shifting for a long time from being an analytical organisation to being <\/em>essentially a green campaigning one<\/em><\/a>, and its forecasts nowadays are as much attempts to influence markets as to genuinely predict them.<\/em><\/p>\n\n\n\n

In contrast to the IEA, the US Energy Information Administration (EIA) <\/em>raised its 2024 global oil demand growth forecast<\/em><\/a> to 1.1 million barrels per day, up from its previous estimate of 900,000 bpd. This revision is based on expectations for travel and tourism in the second half of the year. EIA projects even stronger demand growth for 2025 of 1.5 mbpd, again clashing with the IEA which sees just 1 mbpd that year, with non-OECD countries accounting for most of the growth. The US federal agency also raised its projection for crude prices to rise to an average of $87\/barrel in Q4 2024 based on the rising demand.<\/em><\/p>\n\n\n\n

Goldman Sachs <\/em>has an even more optimistic view<\/em><\/a> of the market, expecting global oil demand to grow by 1.25 million bpd in 2024. The bank cites robust growth in jet fuel, petrochemical-driven LPG and naphtha, and gasoline and diesel demand as key drivers of this growth. Goldman analysts expect strong demand for transportation fuels will lead oil prices to average a robust $86 across the second half of the year.<\/em><\/p>\n\n\n\n

The Organization of the Petroleum Exporting Countries (OPEC) <\/em>held firm<\/em><\/a> to the most optimistic demand growth outlook, again refusing to amend its initial forecast for 2.25 mbpd of growth for 2024. OPEC also expects strong global oil demand growth in 2025, with a projected increase of 1.85 mbpd. The organization has noted that the OECD is expected to grow by 0.1 mbpd, while demand in the non-OECD is forecast to increase by 1.7 mbpd.<\/em><\/p>\n\n\n\n

\u201cGlobally, the services sector maintains a stable momentum,\u201d OPEC said. \u201cIt is projected to be the main contributor to the economic growth dynamic in the second half of 2024, particularly supported by travel and tourism, with a consequent positive impact on oil demand.\u201d<\/em><\/p>\n\n\n\n

https:\/\/www.telegraph.co.uk\/news\/2024\/06\/14\/oil-coal-gas-demand-forecasts-net-zero-dead<\/a><\/p>\n\n\n\n

Blackmon\u2019s comments about the IEA are spot on. They never really were an independent authority, but now all they are interested in is propaganda.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent flurry of forecasts offers us a range of different views on what\u2019s happening to the global demand for, and use of, crude oil. One thing seems to be clear, however: the chances of net zero carbon emissions in the near term \u2013 ie, by 2050 \u2013 are basically zero.<\/p>\n","protected":false},"author":121246920,"featured_media":333107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691821060,691819635,691818155,691818154,691829238,691829239],"class_list":{"0":"post-333103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-1973-oil-crisis","9":"tag-coal","10":"tag-gas","11":"tag-net-zero","12":"tag-oecd-countries","13":"tag-petroleum-exporting-countries-opec","15":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/06\/0iStock_000071434881_Full.webp?fit=4800%2C3123&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1oED","jetpack-related-posts":[{"id":203346,"url":"https:\/\/climatescience.press\/?p=203346","url_meta":{"origin":333103,"position":0},"title":"Political Economy Energy Terms","author":"uwe.roland.gross","date":"07\/06\/2022","format":false,"excerpt":"By Robert Bradley Jr.\u00a0 I am writing a new book,\u00a0Energy Crisis and Leviathan, that summarizes the history of government intervention with energy during wartime and other energy emergencies. 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