Global oil demand will continue rising until around 2030, even as China’s consumption peaks in 2027, driven by low U.S. gasoline prices and slower EV adoption, the International Energy Agency (IEA) said on Tuesday.
The IEA, which advises industrialised countries on energy policy, maintained its forecast that global oil demand will peak this decade - a view in sharp contrast with the Organization of the Petroleum Exporting Countries (OPEC), which sees no imminent peak.
According to the Paris-based agency’s annual report, oil demand will climb to 105.6 million barrels per day (bpd) by 2029 and decline slightly by 2030. Meanwhile, global production capacity is expected to rise by more than 5 million bpd to 114.7 million bpd by 2030.
Tensions in the Middle East, including the ongoing conflict between Israel and Iran, have underscored risks to supply security and recently pushed prices above $74 a barrel. However, the IEA said fundamentals point to well-supplied markets through the end of the decade, provided there are no major disruptions.
“Based on the fundamentals, oil markets look set to be well-supplied in the years ahead,” IEA Executive Director Fatih Birol said. “But recent events sharply highlight the significant geopolitical risks to oil supply security.”
China’s economic headwinds and rapid transition to electric vehicles (EVs) are set to push its oil consumption to peak in 2027, with growth slowing thereafter. The IEA noted that by 2030, China’s oil use will be only marginally higher than in 2024, a significant revision from earlier projections that had expected an increase of around 1 million bpd.
In contrast, U.S. demand is set to be more resilient, with low gasoline prices and a slower-than-expected shift to EVs lifting the IEA’s 2030 U.S. oil demand forecast by 1.1 million bpd compared with last year’s outlook.
Since returning to office, President Donald Trump has called on OPEC to lower oil prices and rolled back pro-EV policies, including moves to block California’s stricter EV sales mandates.
The death toll from a landfill collapse in the central Philippines has risen to four, an official confirmed on Saturday, as rescue teams continued the...
Kyiv's water and heating systems were restored after being temporarily shut down due to the intense cold, as engineers worked to stabilise the power g...
Elon Musk has accused the UK government of being “fascist” after ministers stepped up pressure on his social media platform X over AI-generated se...
The governor of Russia's Belgorod region, which borders Ukraine, reported that 600,000 residents are currently without power, heating, or water follow...
China, Russia and Iran have begun a week-long joint naval exercise in South African waters, a move that comes amid strained relations between Washingt...
The United States’ actions in Venezuela have clearly demonstrated not only that Latin America remains firmly in Washington’s geopolitical orbit, but also that the U.S. is the only global superpower.
The death toll from a landfill collapse in the central Philippines has risen to four, an official confirmed on Saturday, as rescue teams continued their efforts to locate dozens still missing.
Kyiv's water and heating systems were restored after being temporarily shut down due to the intense cold, as engineers worked to stabilise the power grid, which had been pushed to the brink by a series of Russian strikes, including one two nights ago.
Elon Musk has accused the UK government of being “fascist” after ministers stepped up pressure on his social media platform X over AI-generated sexualised images linked to its Grok chatbot.
U.S. President Donald Trump has ruled out ordering a mission to capture Russian President Vladimir Putin, saying he is confident the war in Ukraine can be brought to an end.
New York City parents could soon have access to free childcare for two-year-old children following a joint announcement made by Mayor Zohran Mamdani and Governor Kathy Hochul on Thursday (8 January).
Türkiye has stepped back from mediating between Pakistan and Afghanistan after repeated efforts failed to narrow deep differences between Islamabad and Kabul.
Tens of thousands of Iranians have taken to the streets in Tehran and across at least 28 cities in a wave of anti-government demonstrations, now entering their twelfth day.
Türkiye is reportedly in discussions to join the defence alliance between Saudi Arabia and Pakistan, a strategic move that could reshape security dynamics in the Middle East and South Asia.
U.S. oil major Chevron and private equity firm Quantum Capital Group are reportedly preparing a joint bid to acquire Lukoil’s international assets, as the sanctioned Russian energy company seeks to divest its overseas operations.
The U.S. dollar's share of global reserves fell to nearly 40% at the end of 2025, according to the International Monetary Fund (IMF), which says it's 10% lower than at the start of 2024. However, gold has risen and overtaken the dollar to be above 50% in global reserves according to the IMF data.
The U.S. dollar has strengthened against major peers on Tuesday, while the euro fell following slower-than-expected inflation in Europe. Market movements were relatively subdued as investors focused on upcoming U.S. economic data.
Wall Street closed higher on Tuesday, boosted by optimism over artificial intelligence (AI) and a strong rally in Moderna shares, with the Dow Jones Industrial Average approaching a record high.
India’s largest oil refiner, Indian Oil Corporation (IOC), has taken a significant step towards diversifying its crude oil supply by purchasing Colombian crude, from state oil company Ecopetrol, for the first time.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment