Oil demand will peak by 2025---the AFF’s inconsequential.

Oil demand will peak in 2025, years earlier than previously expected, the International Energy Agency said in its World Energy Outlook on Tuesday.

But while the transition away from oil is arriving sooner than expected, IEA executive director Fatih Birol warned that this year will see the second-largest annual increase in CO2 emissions in history, leading to an “unsustainable economic recovery” from COVID-19.

The IEA's call of peak oil comes as fossil fuel prices spike across the globe. A surge in demand caused by economies leaving COVID-19 lockdowns has coincided with sluggish supply resulting from kinked supply chains and low investment in oil and gas production—the effects of nations’ green pledges and a price crash in recent years. At more than $80 a barrel, oil is near a seven-year high, and gas prices in the U.S. have tripled in the past 18 months.