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Earlier this month, in an op-ed for the Financial Times, the head of the International Energy Agency, Fatih Birol, wrote that renewable energy was expanding faster than many thought.

The energy crisis sparked by the war in Ukraine, he said, was reshaping the global energy systems, making many countries realize that wind and solar were the safer bet. The transition, the message went, was well underway, and fossil fuels were on their way out.

This is not the first time Birol, or the IEA as a whole, delivered this message. Neither is the IEA the only one with this message for the world. Every COP gathering says the same: the energy transition is underway, and renewables are going to replace fossil fuels.

In such a context, it is somewhat odd, then, that the same IEA is projecting record oil demand for this year, especially since it also forecast a few months ago that oil demand will peak before 2030.

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Source: Oilprice.com