International Energy Agency (IEA)

The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023.

The world will consume as much as 102 million barrels a day of oil by the late 2020s.

Achieving net zero by 2050 is still possible, but requires tripling renewable energy capacity by the end of the decade.

The use of gasoline — the second-biggest oil product — will go into decline from 2023.

60% of the growth expected this year in global oil demand is set to come from China, says IEA's Fatih Birol.

“The green agenda puts pressure on organisations to invest in sustainable solutions that could cost more than initial rewards.”

West Texas Intermediate rose past US$97 ($131.89) a barrel after retreating by more than US$5 on Wednesday.

While global economic output is likely to take a hit until 2050, markets could recover that capital by the end of the century.

Commodity investors will get critical insights into energy, metals and crop markets this week against a backdrop of better-than-expected economic data and countervailing concern over the jump in coronavirus infections.

SINGAPORE (July 20): A recent bounce in oil prices might have eased pressure for cutbacks in oil supply, but the adjustment process may not yet be over given much lower investment and depressed margins.