Not only does the IEA not subscribe to peak supply, but it warns that peak demand may be far off as well. The “drivers of demand remain very powerful,” and consumption is set to continue to climb higher in the years ahead. Transportation will continue to grow, although at a slower pace as electric vehicles begin to take over. But surging petrochemical production and the consumption of plastics will push oil consumption to ever greater heights, the agency believes. Not only did peak supply never arrive, the IEA argues, but “[t]here is no peak in sight for demand either.”
