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
29 July 2025
The EU’s Russia sanctions could have far-reaching implications for India’s Vadinar-based refinery
29 July 2025
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
29 July 2025
EU industry and politicians are pushing back against the bloc’s green agenda. Meanwhile, Brussels’ transatlantic trade deal with Washington could consolidate US energy dominance.
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain