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In a monthly report, the IEA projected that India's oil product demand growth would slow to 2.5% next year from 4.1% in 2023.

The projected decline in global demand for coal - which is currently the largest energy source for electricity generation, steelmaking and cement production, but also the largest source of carbon dioxide (Co2) emissions from human activity - could mark a historic turning point, the IEA said.

IEA Executive Director Fatih Birol said governments, companies and investors need to tell people ‘what actions they are taking to move the world away from fossil fuels’

The IEA's latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the world will be

At the annual UN climate conference in Dubai, nearly 200 countries clinched a breakthrough deal which calls for the world transition away from all fossil fuels, the primary reason for the climate crisis, in a fair and equitable way. Though the 21-page cover decision urged countries to accelerate efforts to phase down unabated coal power, it did not explicitly mention oil and gas.