Petrochemical products like plastics will become the most prominent driver of oil demand over the coming years, the executive director of the International Energy Agency (IEA) told CNBC Monday.
"When we discuss oil demand, peak oil demand (and) oil market dynamics, the focus is solely on cars — which is completely wrong," Fatih Birol, executive director at the IEA, told CNBC's "Street Signs" Monday.
"When we look at the next 10 to 15 years, the single most important driver of global oil demand growth is petrochemicals," Birol said.
Meanwhile, oil demand for transport is projected to slow by 2050 because of the meteoric rise of electric vehicles and more efficient combustion engines, the IEA said.
The Paris-based agency added this would then be offset by rising demand in petrochemicals.