The world’s appetite for oil is still rising, the International Energy Agency said in a report Wednesday, but annual growth is expected to slow to just 0.4% by 2028. “The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade,” said IEA Executive Director Fatih Birol. Birol added that last year’s energy crisis had hastened the shift to cleaner sources of energy.
Investment push Still, some of the world’s biggest energy producers — riding high after a year of soaring prices for their products and eye-watering profits — are planning to invest more in oil and gas output. The IEA said it expected investment in oil and gas exploration and production to hit $528 billion in 2023, its highest level since 2015 and an 11% increase on last year’s figure.