Global oil markets are undergoing a fundamental transformation says the IEA, as it points to demand growth slowing to a trickle from 2028 onwards before entering a slight decline in 2030. The group’s closely watched medium term outlook, Oil 2025, was released this week and on a macro level it has largely stuck to the projections in last year’s report (MEES, 14 June 2024), with demand plateauing at the end of the decade.
The IEA sees global demand increasing by 2.5mn b/d to plateau at around 105.5mn b/d by 2030 (see chart 1), with annual demand growth slowing massively from recent typical levels of >1mn b/d. Even this year’s growth is projected at just 720,000 b/d (MEES, 20 June). (CONTINUED - 780 WORDS)
