-- Global demand for oil will reach its peak this decade, the International Energy Agency predicted for the first time, amid growing popularity of electric cars and the cooling of China’s economy.The predicted peak, which the agency also anticipates for coal and natural gas, doesn’t mean a rapid plunge in fossil fuel consumption is imminent. It will probably be followed by “an undulating plateau lasting for many years” with emissions remaining too high to limit global warming to 1.
The view of the IEA, which advises industrialized nations on energy policy, stands in contrast to the forecasts of the Organization of Petroleum Exporting Countries. In its own annual outlook published earlier this month, the producers group predicted oil demand would keep growing for decades to come, reaching 116 million barrels a day in 2045.
In the base-case, Russia and the Organization of Petroleum Exporting Countries will keep their combined share of the oil market at 45% to 48% until the end of this decade. By the middle of the century, that will rise above 50% thanks to higher production in Saudi Arabia, the de-facto OPEC leader. General Motors on Tuesday withdrew its previous guidance for 2023 profits and near-term electric vehicle production as costs related to the United Auto Workers strikes jumped to $200 million a week during October. GM's third-quarter net income fell 7.3% to $3.06 billion, while revenue rose 5.4% to $44.1 billion. GM shares were up 1.6% in premarket trading after the stronger-than-expected profit.
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