Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Oil demand could peak by 2025 and fall more than 30% by 2050 if countries take aggressive steps to hold the long-term global temperature rise to under 2°C, Barclays analysts say in a new report.

Expand chart
Data: Reproduced from Barclays; Chart: Axios Visuals

But, but, but: That's nowhere near the trajectory things are pointing to now (seen as "development" in chart), which leads to a peak in the 2030–2035 range, but then a "long plateau" to mid-century that keeps demand at roughly today's levels.

Threat level: A 3rd scenario modeled — "deadlock" in the chart above — shows much higher demand if the world is mired in trade wars, tech uptake is hindered, and there's little focus on climate.

Why it matters: The report is a major new entry into attempts by forecasting bodies, consultancies and major energy companies to get their arms around how the global energy system will — and won't — transform in the decades ahead.

The big picture: The report's climate-friendly "dynamism" scenario would require circumstances to line up in a very particular way — and not just for oil — to keep things under 2°C.

Of note: That break with current trends would involve an array of big steps such as...

  • Larger industry and national investments in efficiency and technology.
  • Even faster growth and deployment of renewables, which are 40% of the global energy mix mid-century.
  • Greater electrification of energy demand, rising to 35% by 2050.
  • Greater recycling, cutting single-use plastics and other steps to slow the growth rate of oil used in petrochemicals.
  • Significant adoption of carbon capture and storage from 2040 onwards, more than twice as much as in their business-as-usual "development" scenario.

By the numbers: Getting back the main focus of the report — oil — here's a look at where Barclays sees things heading in "development."

Overall, it sees demand just slightly higher at 105 million barrels per day (mbd) in 2050, which is roughly 5 mbd above current levels. But the uses of that oil change. Per the report:

  • Oil use in passenger cars falls from roughly 22 mbd right now to slightly under 20 mbd as efficiency gains (the biggest factor) and EVs offset the huge rise of cars on the world's roads.
  • Growth of the global trucking fleet means that its oil consumption rises from 24.5 mbd to nearly 30, despite gains in efficiency and electrification.
  • Oil needed for jet fuel rises from 6.2 mbd to 9.2 mbd in 2050.
  • Growth in petrochemicals nearly doubles that sector's demand to 18.6 mbd in 2050.

The intrigue: Speaking of petrochemicals, the report has some interesting data and projections about single-use plastics. They matter a lot!

  • "A complete ban on single use plastics would reduce our estimate of oil demand in the development scenario by 6mb/d in 2050," it notes.

Go deeper: The U.S. oil boom's global climate and greenhouse gas effect

Go deeper

Updated 3 hours ago - Economy & Business

The next worker fight: Time off for Juneteenth

Illustration: Annelise Capossela/Axios

Who gets paid time off to celebrate Juneteenth in the years to come will be uneven and complicated, if history is any guide.

Why it matters: Corporate America hasn't grappled with a new federal holiday since Martin Luther King Jr. Day was authorized almost 40 years ago. How they responded took years to evolve.

3 hours ago - World

UN assembly condemns Myanmar military coup

Protesters make the three-finger salute as they take part in a flash mob demonstration against the military coup. Photo: AFP via Getty Images

The UN General Assembly on Friday condemned Myanmar's military coup and called for an arms embargo against the country, AP reports.

Why it matters: The rare move demonstrates widespread global opposition to Myanmar's military junta, which overthrew the country's democratically elected government and seized power on Feb. 1.