• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 2 hours The United States produced more crude oil than any nation, at any time.
  • 13 hours China deletes leaked stats showing plunging birth rate for 2023
  • 5 days Bad news for e-cars keeps coming
These Are the World's Biggest Oil Reserves

These Are the World's Biggest Oil Reserves

Russia's discovery of colossal oil…

Oil Drops on Inventory Build

Oil Drops on Inventory Build

Crude oil prices moved lower…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

IEA: Plastics Will Replace Fuels As Key Oil Demand Driver

Oil tanker

Plastics will displace fuels as the main driver for crude oil demand, the International Energy Agency said today, adding that petrochemicals will come to account for more than 33 percent of oil demand growth globally in the period to 2030. By 2050, they will drive half of the global oil demand growth, raising this demand by 7 million bpd by that year.

The report that contains the projection is titled The Future of Petrochemicals, and the IEA said it was part of a series of reports that aim to uncover “blind spots”, or facets of the global energy industry that receive less attention than they deserve.

Petrochemicals are indeed Big Oil’s big hope for the future—but the more distant future. Petrochemicals are used in thousands of products, with the biggest group among these being single-use plastic products. The bad news for oil is that green initiatives around the world are mounting, and many of them are targeting precisely this group of products. And yet, even if single-use plastic products are removed from the supply chain, enough demand will remain to drive the consumption of crude oil.

“Petrochemicals are one of the key blind spots in the global energy debate, especially given the influence they will exert on future energy trends,” IEA’s head, Fatih Birol, said. Petrochemicals are not just the plastics we see in single-use grocery bags. Petrochemical products are also essential in renewable energy installations such as solar panels and wind turbines, but also batteries, and thermal insulation, and thousands of other products and components.

The durability of petrochemicals demand is evident in the demand growth trends: the IEA says demand for plastics has almost doubled over the last 18 years, exceeding the demand growth rate of every other bulk material, including steel, aluminum, and cement. Perhaps more importantly, emerging markets have yet to catch up to developed ones in their plastics consumption. Now that’s a guarantee for steady demand in the future.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News