Major changes are expected in the oil and gas industry. The International Energy Agency forecasts that toward 2028, global oil consumption will ‘shrivel’ to almost nothing.
“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 as electric vehicles, energy efficiency and other technologies advance Oil producers need to pay careful attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition,” informs Fatih Birol, IEA Executive Director (International Energy Agency).
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An increase-to- decrease prediction is given. IEA explains that between 2022 and 2028, the demand for oil will increase by 6%. However, towards the end of this decade, by 2028 or so, yearly growth in terms of demand will squeeze to almost nothing.
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Meanwhile, the industry continues to receive significant investments. New trends are taking place in the oil and gas sector nowadays. These developments, especially in terms of technology are shaping the industry and taking it to new heights.
Oil and gas companies continue to invest in technology. Robootics and artificial intelligence are examples of new trends taking place in the global oil and gas sector.