According to the IEA, global fossil fuel demand must decline 25% by the decade's end to ensure the world is on track for net zero by 2050. However, Christyan Malek, JPMorgan's head of EMEA energy equity research, recently shared a note with clients about an emerging "very volatile supercycle" for fossil fuel, where demand is set to rise through 2030, sparking what he believes could be a massive global oil deficit that will propel prices well into the triple-digit territory through the end of the decade. 

Let's begin with the OECD-funded energy watchdog's latest forecast, which says coal, oil, and natural gas demand must decline by at least a quarter to reduce greenhouse gas emissions and keep the world on track for net zero by the mid-part of the century. At the same time, it argues that the clean energy supply must exponentially rise to avoid shortages and price increases.

The IEA said "stringent and effective policies" under its forecast would "spur clean energy deployment and cut fossil fuel demand by more than 25 percent by 2030 and 80 percent in 2050"