The International Energy Agency (IEA) has published its annual medium-term outlook for oil, with a supply and demand forecast through to 2026. After years of overestimating the role of fossil fuels in the future energy mix – and underestimating renewables – the term ‘peak oil’ is finally part of the organization’s vocabulary, but the proposed date of this tipping point is still wildly conservative. In characteristic fashion, the International Energy Agency’s forecast is edging towards the truth, but still refuses to acknowledge the extent to which the energy transition is accelerating. The report, entitled Oil 2021, largely focuses on a world bouncing back from Covid-19. But with both supply and demand rising in tandem, the sustained surge in oil prices…