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.
Azerbaijani Press Council members met with Turkish diplomats in Baku to discuss expanding media ties and addressing challenges in bilateral coverage.
Senior officials from the United States and Georgia met in Tbilisi to review bilateral relations and regional security amid ongoing diplomatic discussions.
U.S. President Donald Trump warned Tuesday that the U.S. knows “exactly” where Iranian Supreme Leader Ali Khamenei is located, adding that he is “safe for now” but stressing that Washington’s “patience is wearing thin.”
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Uzbekistan and China have reaffirmed their strategic partnership with fresh momentum, agreeing to fast-track major infrastructure and investment projects including the China–Kyrgyzstan–Uzbekistan railway.
Azerbaijani Press Council members met with Turkish diplomats in Baku to discuss expanding media ties and addressing challenges in bilateral coverage.
Senior officials from the United States and Georgia met in Tbilisi to review bilateral relations and regional security amid ongoing diplomatic discussions.
U.S. President Donald Trump warned Tuesday that the U.S. knows “exactly” where Iranian Supreme Leader Ali Khamenei is located, adding that he is “safe for now” but stressing that Washington’s “patience is wearing thin.”
U.S. President Donald Trump on Tuesday declared on social media that Iran must offer “unconditional surrender.”
Uzbekistan and China have reaffirmed their strategic partnership with fresh momentum, agreeing to fast-track major infrastructure and investment projects including the China–Kyrgyzstan–Uzbekistan railway.
Pakistan will begin its first freight train service to Russia from Lahore on June 22. The route is part of the INSTC and aims to connect Pakistan's rail network with Central Asia, establishing a new trade corridor via Iran, Turkmenistan, and Kazakhstan.
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Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
The Israeli military has issued an evacuation advisory for Iranian civilians living near weapons production sites and associated infrastructure within Iran. The message was shared on the social media platform X in both Arabic and Farsi by an official military spokesperson.
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Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed.
Donald Trump's media company has filed for a Bitcoin and Ethereum exchange-traded fund (ETF), prompting fresh concerns over potential conflicts of interest as the U.S. President remains active in both politics and cryptocurrency ventures.
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Azerbaijani Press Council members met with Turkish diplomats in Baku to discuss expanding media ties and addressing challenges in bilateral coverage.
Senior officials from the United States and Georgia met in Tbilisi to review bilateral relations and regional security amid ongoing diplomatic discussions.
U.S. President Donald Trump warned Tuesday that the U.S. knows “exactly” where Iranian Supreme Leader Ali Khamenei is located, adding that he is “safe for now” but stressing that Washington’s “patience is wearing thin.”
U.S. President Donald Trump on Tuesday declared on social media that Iran must offer “unconditional surrender.”
Uzbekistan and China have reaffirmed their strategic partnership with fresh momentum, agreeing to fast-track major infrastructure and investment projects including the China–Kyrgyzstan–Uzbekistan railway.
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