The latest edition of the International Energy Administration’s “World Energy Outlook 2025” has revised its predictions of future oil demand to no longer base its conclusions on scenarios that assume nations’ commitments to net-zero emissions by 2050 will be met.

As a result of the change in forecasting, the agency no longer predicts “peak oil,” a century-old theory that the world will stop using petroleum because either it runs out or transitions to other technologies.

The report noted that oil, natural gas and coal consumption, and nuclear output, all reached record highs in 2024. Driven mainly by China, since 2019 demand for coal has grown 50% faster than the next fastest growing fossil fuel, natural gas.

Due to varying national government policies on fossil fuel development and production, the new report does not make predictions but instead offers a number of scenarios about future demand through 2050.