A worker inspects the outdoor gas pipes at the underground gas storage facility operated by Gas Storage CZ AS, in Haje, Czech Republic, on Friday, Jan. 3, 2025.
Bloomberg | Bloomberg | Getty Images
The International Energy Agency’s latest outlook signals that oil demand could keep growing through to the middle of the century, reflecting a sharp tonal shift from the world’s energy watchdog and raising further questions about the future of fossil fuels.
In its flagship World Energy Outlook, the Paris-based agency on Wednesday laid out a scenario in which demand for oil climbs to 113 million barrels per day by 2050, up 13% from 2024 levels.
The IEA had previously estimated a peak in global fossil fuel demand before the end of this decade and said that, in order to reach net-zero emissions by 2050, there should be no new investments in coal, oil and gas projects.
The concept of peak oil refers to the point at which global crude production reaches its highest point, before subsequently entering an irreversible decline.
The IEA’s end-of-decade peak oil forecast kick-started a long-running war of words with OPEC, an influential group of oil exporting countries, which accused the IEA of fearmongering and risking the destabilization of the global economy. U.S. Energy Secretary Chris Wright, meanwhile, labeled the IEA’s peak oil demand assumption as “nonsensical.”
The IEA’s latest forecast of increasing oil demand was outlined in its “Current Policies Scenario” — one of a number of scenarios outlined by the IEA. This one assumes no new policies or regulations beyond those already in place.
The CPS was dropped five years ago amid energy market turmoil during the coronavirus pandemic, and its reintroduction follows pressure from the Trump administration.
Earlier this month, the IEA said that now that the world has passed through the pandemic and global energy crisis, “there is merit in revisiting the CPS.”
The agency said increasing oil demand would be primarily driven by demand for petrochemical products and jet fuel, alongside a slowdown in the growth of electric vehicles.
Gregory Brew, an analyst at Eurasia Group’s Energy, Climate and Resources team, said the IEA’s retreat on peak oil demand signified “a major shift” from the group’s position over the last five years.
“The justifications offered for the shift include policy changes in the U.S., where slow EV penetration indicates robust oil [consumption], but is also tied to expected increases in petrochemical and aviation fuel in East and Southeast Asia,” Brew told CNBC by email.
“It’s unlikely the agency is adjusting based on political pressure — though there has been some of that, with the Trump administration criticizing the group’s supposed bias in favor of renewable energy — and the shift reflects a broader skepticism that oil demand is set to peak any time soon,” he added.
A misguided notion?
In an apparent thawing of tensions between two major players in the energy industry, OPEC welcomed what it described as the IEA’s “rendezvous with reality.”
In a statement published on its website, OPEC said: “We hope that the IEA’s World Energy Outlook represents a return to the fold of analysis grounded in energy realities and that we have passed the peak in the misguided notion of ‘peak oil.'”
Alongside its CPS, the IEA also laid out projections under its so-called “Stated Policies Scenario” (STEPS), which reflects the prevailing direction of travel for the global energy system.
In this assumption, the IEA said it expects oil demand to peak at 102 million barrels per day around 2030, before gradually declining. Global electric car sales are much stronger under this scenario compared to the CPS.
The IEA said its multiple scenarios explore a range of consequences from various policy choices and should not be considered forecasts.
Fatih Birol, executive director of the International Energy Agency (IEA), at the World Nuclear Exhibition (WNE) conference in Paris, France, on Tuesday, Nov. 4, 2025. The conference gathers key figures of the international nuclear sector from Nov. 4-6.
Bloomberg | Bloomberg | Getty Images
Grant Hauber, an energy analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), said the IEA’s CPS appears to be the U.S. administration “capitulation” scenario, which sees some sort of flattening of current energy market trends.
“This leads to what almost appears to be a false dawn of LNG demand that could provide encouragement to those investing in the U.S. LNG export boom. CPS ‘creates’ enough global LNG demand to justify build-outs through 2035,” Hauber said.
“However, one only need look at the STEPS scenario to see how fragile that outlook is. Demand-Supply matching evaporates quickly over that same timeframe leading to LNG surplus. This occurs even with STEPS’ more moderated additions of renewables, efficiency and electrification measures,” he added.
Climate crisis
In all of the IEA’s scenarios, the energy watchdog predicted that global temperatures will rise by more than 1.5 degrees Celsius.
Scientists have repeatedly warned that global average temperatures must not increase by more than 1.5 degrees Celsius to avoid the worst of the climate crisis.
This threshold is recognized as a crucial long-term target because tipping points become more likely beyond this level. Tipping points can lead to dramatic shifts or potentially irreversible changes to some of Earth’s largest systems.
Lars Nitter Havro, head of energy macro at Rystad Energy, said the IEA’s reintroduction of its CPS represents “a tonal shift,” but shouldn’t necessarily be seen as a “wholesale reversal” on peak oil.
Beginning with TEC Equipment in Fontana as the company’s only certified EV dealer in July 2021, Volvo Trucks’ BEV sales network has expanded quickly to 83 certified locations across 33 US states and four Canadian provinces, with four new dealer groups recently joining the program and another 13 rooftops currently in the certification pipeline. Those dealers have helped Volvo Trucks gain a leading position globally and maintain more than 30% market share in the North American electric truck segment over the past five years.
“Reaching this milestone is a testament to our customers’ commitment to sustainable transportation and our dealer network’s dedication to supporting them every step of the way,” explains Peter Voorhoeve, president, Volvo Trucks North America. “The path to zero emissions is shaped by market conditions, which are moving slowly. We remain committed to our vision to create a world we want to live in by using zero emissions solutions in combination with fuel efficient combustion engines with reduced climate impact. Solutions that will work for our clients where sustainability meets affordability.”
So far, those dealers have deployed over 700 battery electric semi trucks (out of 5,700 globally) that have logged more than 20 million zero-emission miles and eliminated an estimated 34,000 metric tons of CO2 – the equivalent of over 7,000 passenger cars.
Advertisement – scroll for more content
Electrek’s Take
Via Volvo Trucks.
I’m struggling to reconcile Volvo’s true net zero rhetoric and seemingly dedicated push towards progressive and sustainable business practices with the US branch’s recent attempts to weasel out of their deal with California and, more specifically, CARB. Volvo is a leader in this space, and they should also lead by example where it matters.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
ALSO, the electric bike spin-off from EV-maker Rivian, just dropped some welcome news: a more affordable version of the bike is coming. Officially called the TM-B, the new model will launch at $3,500, coming in a full $1,000 under the previously announced $4,500 TM-B Performance we saw last month.
While the Performance model leaned heavily into premium components and higher output, the new TM-B appears designed to bring the platform’s eye-catching design to a wider audience.
The TM-B includes much of the same design and basic feature set as the TM-B Performance, though the $1,000 lower price tag does come from the company filet-ing a few corners. The bike drops from the 10x assist of the Performance edition to just 5x assist (presumably meaning half the power, but it’s hard to say since e-bike companies generally don’t list power as a multiple of rider input). It also has a smaller battery, more basic coil spring shock instead of the nicer and lighter air shock, fewer ride modes, and doesn’t come with the same premium styling options.
The bike does retain ALSO’s interesting drive-by-wire solution though, which means that there isn’t a physical connection between the pedals and the bike. Instead, riders turn pedal cranks connected to a generator that converts pedaling energy into electrical energy to feed the rear wheel through a Gates carbon belt drive.
Advertisement – scroll for more content
Hydraulic disc brakes along with ABS-braking come standard on both models, and the cockpit includes a compact color display with app connectivity, offering basic ride metrics and configurable assist modes.
ALSO hasn’t committed to an exact delivery date, but reservations are now open.
Electrek’s Take
A $3,500 entry point is undeniably better news for fans of ALSO’s design language who weren’t ready to shell out $4,500. However, I still seem to be one of the few in the industry who are hesitant to believe there is a path to profitability here. Americans don’t buy $4,500 e-bikes, at least not in high volume, and they don’t really buy $3,500 e-bikes, either.
It’s not that the bike isn’t worth it – ALSO’s engineers should be commended for stuffing a crazy amount of tech and innovation into this bike. But it simply won’t matter when the bike doesn’t sell very many units and ALSO has to keep making payroll on its huge workforce comprised of many expensive engineers and other tech roles. It’s very close to the same playbook that we watched sink other tech-forward e-bike companies like VanMoof, which went bankrupt after it couldn’t keep up with servicing its expensive and proprietary e-bike tech while trying to float a massive workforce.
Frankly, I’m a bit confused. Most basic e-bike media seems to be going nuts over the thing, and I’m the only one pointing out that the king appears to be walking around naked.
Also, the timing here is… odd.
Good news usually gets announced on a Tuesday morning, not sent to us at 4:56 PM on a Friday, right as everyone logs off and heads into the weekend. The classic “Friday news dump” is where companies hide things they don’t want attention on – not where they brag about slicing $1,000 off the entry price of a new model. A head scratcher all around.
Either way, a lower-priced TM-B is objectively good news. The problem is, it might just be shouting into the wind.
FTC: We use income earning auto affiliate links.More.
Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.
Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.
“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”
Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.
You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.
“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”
A solution, frankly, that looks a lot like a little robot mower.
The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.
Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.
Electrek’s Take
As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)
Let us know what you think in the comments.
SOURCES: Forbes, Golf Monthly; images by Husqvarna.
Did you know: grid-connected solar systems automatically shut off when the grid fails? That means you won’t have power in a blackout, even with solar panels.
To keep the lights on, you’ll need a whole home backup battery – your personalized solar and battery quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way.The best part? No one will call you until after you’ve decided to move forward. Get started today, hassle-free, by clicking here.
FTC: We use income earning auto affiliate links.More.