Oil consumption and demand is expected to remain robust into the 2040s despite a diversifying global energy mix and the rise of electric car sales, according to the International Energy Agency (IEA).
In its annual World Energy Outlook 2017 report, published Tuesday, the IEA said that over the next two decades the global energy landscape would be reshaped by four major forces.
"The United States is set to become the undisputed global oil and gas leader; renewables are being deployed rapidly thanks to falling costs; the share of electricity in the energy mix is growing; and China's new economic strategy takes it on a cleaner growth mode, with implications for global energy markets."
Still, despite an expected rise in solar and wind as major sources of energy as a result of changes in direction within national energy policies such as China, India and Europe, the IEA cautioned that it was "too early to write the obituary for oil."
"Even as rising oil demand slows down, it is not reversed before 2040 even as electric-car sales rise steeply," it said.