The International Energy Agency (IEA) predicts in a June report that global oil demand will reach 105.7 million bpd in 2028, up 5.9 million bpd from 2022 levels.
As the agency notes, “based on existing political settings”, the growth of world oil demand in the forecast period will slow down as the so-called energy transition progresses.
And while peak demand for oil is nearing its peak, continued increases in petrochemical feedstocks and air travel mean that overall consumption continues to rise throughout the forecast period.
