Global oil demand to disappoint
Peak requirements may be here much quicker than in some forecasts
Oil consumption is expected to continue to grow through 2040, albeit at an increasingly gradual pace, according to base case scenarios from major oil forecasting organizations such as the International Energy Agency (IEA). But there are reasons to conclude oil demand will peak sooner rather than later, and the decline may be surprisingly precipitous thereafter. Slower than expected economic growth because of US-China tensions; greater concern about oil security given this new superpower rivalry, as well as the vulnerability of key oil infrastructure in an unstable Mid-East Gulf; more powerful environmental movements targeting climate change, local air pollution and oil-based plastics; and t
Also in this section
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
