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PETROCHEMICALS IN GLOBAL OIL DEMAND GROWTH: IEA
The International Energy Agency said on Friday that petrochemicals are expected to account for more than a quarter of global oil demand growth by 2030, and nearly half of growth by 2050, adding nearly seven million barrels of oil a day by then. According to a major study by the IEA, petrochemicals–oil and gas components used in all kinds of daily products such as plastics, fertilizers, packaging, clothing, digital devices, medical equipment, detergents and tires–are becoming the largest drivers of global oil demand in front of cars, aircraft and trucks. In order to address these challenges, the IEA's Future of Petrochemicals report presents a clean technology scenario that offers an alternative future to line with key UN Sustainable Development Goals, including climate action, sustainable use, and underwater life. READ MORE