"Oil has had its day and will soon be phased out just as thermal coal is now being phased out ."Personally, I always think it is prudent to forumulate one's opinions from people who are recognised and accredited specialists in a certain field, as opposed to strangers on the internet who bash their keyboards every day of the week, with opinions which have no basis in fact.
In this particular instance, the International Energy Agency (IEA)
[*] who, one assumes has some substantive reasons for expressing the opinions it does, concluded in its World Energy Outlook 2021, that not only will oil
notbe phased out soon, but demand for oil will
continue to rise for the next two decades, from 2020's 90mb/day to ~104mb/day by 2040:
View attachment 3292892As for coal, the IEA estimates that the overall global demand for thermal coal will rise over the next 3 years and will be largely unchanged on current levels in a decade's time:
View attachment 3292835But that overall picture masks the geographical components of demand for thermal coal. While demand for coal will continue to decline in the US and the EU (nothing new here; it is a long-standing trend), in the region serviced specifically by the Australian coal industry, namely SE Asia, coal fired power generation will increase by over 80% by 2040, according to the IEA:
.
View attachment 3292847Nothing like the cold, hard facts to dispel myths perpetuated on the internet.
[*] An organisation which, it must be said, does not harbour at all a favourable disposition towards fossil fuels, so it's forecasts are likely to err on the side of conservatism, one must suspect.
.
