The IEA’s latest flagship long-term energy outlook forecasts that renewables growth will not be enough to prevent oil demand growing at least until 2040. Opec’s share of world output is set to hit 48% by the latter date.

Despite the massive gains in renewables “the difficulty of finding alternatives to oil in road freight, aviation and petrochemicals” means that global oil demand will continue to grow to at least 2040, hitting 103.5mn b/d by the latter date up from...