The International Energy Forum (IEF) and King Abdullah Petroleum Studies and Research Centre (KAPSARC) hosted a joint seminar on transport technology on 10 November 2015 at the premises of KAPSARC.
The seminar examined the development and implementation of new transport technologies and assessed possible trends in future energy demand, based on the latest market research of senior experts from academia and advisories attending the meeting.
Demand for oil is closely linked with developments in transportation, the market segment that relies most on oil. Fossil fuel demand in this sector is relatively insensitive to price movements. This has stimulated fuel economy standards covering an increasing part of the vehicle fleet that remains a key driver for future oil demand. The market entry of other fuels, such as natural gas and biofuels, as well as the deployment of new electric powered vehicles, will further increase inter-fuel competition. Together with newly evolving attitudes and requirements for transport, these developments will shape demand trajectories in both OECD and non-OECD growth economies.