Amanda Drane - Yesterday 7:14 AM
Houston Chronicle
Oil demand will peak within five years as more people buy electric vehicles, according to the global consulting firm McKinsey said Tuesday.
Global demand for oil will begin declining between 2024 and 2027 and fall rapidly after 2030, according to the new report on the energy industry’s long-term outlook. The shift is already underway, it said, noting electric vehicle sales nearly tripled between 2019 and 2021 — 20 percent of car sales in Europe last year were electric.
Electricity demand will triple and the share of renewable power will grow to 85 percent by 2050, McKinsey said. The share of renewable power generation is expected to double from 29 percent to 60 percent in the next 15 years alone, it said.
Gas demand will continue rising long after oil demand starts falling, McKinsey projected, noting gas demand will keep growing until at least 2035.
amanda.drane@chron.com