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Reproduced from IEA; Chart: Axios Visuals

The coronavirus pandemic is altering the long-term future of oil, but global thirst for the fuel will nonetheless remain large for decades, the International Energy Agency said a sprawling new report released Tuesday.

Why it matters: Its the IEA's deepest effort yet to game out how COVID-19 is changing the future of oil, and energy systems overall in the years ahead.

Driving the news: The IEA compared its demand outlook under current and announced policies and a "delayed recovery" that assumes more enduring economic damage.

  • Both are well below the central "pre-crisis" projection from last year's outlook.

What they're saying: "The era of global oil demand growth will come to an end in the next decade," said IEA head Fatih Birol.

  • "But without a large shift in government policies, there is no sign of a rapid decline. Based on today’s policy settings, a global economic rebound would soon push oil demand back to pre-crisis levels," he said.

The intrigue: Aggressive climate policies would alter the outlook significantly.

  • In IEA's climate-friendly "sustainable development scenario," oil demand falls to 66 million barrels per day by 2040, compared to 104 million in its "stated policies" model.

Go deeper

Biden will issue executive order to rescind Keystone XL pipeline permit

Photo: Andrew Burton/Getty Images

President-elect Biden will issue an executive order on Wednesday to rescind permits for the controversial Keystone XL pipeline as one of his first acts on his first day in office.

Why it matters: The move is a major development in a longtime fight over a controversial pipeline that began under the Obama administration. It reverses some of President Trump's own first actions aimed at advancing the project upon taking office in 2017.

Ben Geman, author of Generate
Jan 20, 2021 - Energy & Environment

Biden's plan to upend Trump's environmental legacy

Illustration: Aïda Amer/Axios. Photo by Brendan Smialowski/AFP via Getty Images

President-elect Joe Biden will on Wednesday order a government-wide review of over 100 Trump-era policies and direct agencies to prepare a suite of emissions and energy efficiency rules.

Why it matters: New information from transition officials offers the full scope of Biden's imminent, inauguration-day burst of environmental and energy policy moves.

Ben Geman, author of Generate
Jan 20, 2021 - Energy & Environment

Voters favor Biden's climate policies, but few view issue as top priority

Data: Morning Consult; Chart: Axios Visuals

Several new polls help to show where the public's at on energy and climate as Biden takes office.

Why it matters: People tend to favor emissions-cutting and low-carbon energy initiatives, but it's hardly top of mind.