The IEA is holding firm: Global oil demand will peak before 2030 and edge down, even as US demand projections tick back up. (Axios)
The new forecast sees growth slowing to a near standstill by 2027, plateauing at about 105.5 million barrels per day by decade’s end.
Rapid EV adoption in China and fuel-switching in power are key drivers, though US demand is now expected to climb thanks to lower gas prices and slowing EV momentum.