As the use of electric vehicles increases and fuel efficiency improves, growth in global oil demand is expected to slow from 2025. However, the International Energy Agency said consumption is unlikely to peak in the next two decades.
Growth in demand would continue to increase despite a marked slowdown in the 2030s. The IEA’s central scenario is for the demand for oil to rise by around 1 million bpd on average every year to 2025, from 97 million bpd in 2018. Oil demand during the 2030s seen increasing by 0.1 million bpd a year on average. In 2040, demand seen at 106 million bpd.
Instead of “New Policies”, the agency this year renamed its main scenario “Stated Policies” to reflect current policies.
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