The International Energy Agency (IEA) predicted in 2023 that the global peak in oil demand would likely take place by 2030, as governments worldwide introduced plans for a green transition and fossil fuel companies began to diversify their portfolios to include renewable alternatives. However, this month, the IEA has backtracked on this prediction, stating that oil demand could continue growing through to 2050. This reflects a U-turn by many countries on climate commitments and by oil and gas companies on energy diversification efforts. In…