Asia-Pacific will be the leader in oil demand growth to 2030
Refining Report: Biofuels lead the way
Gasoline and diesel demand set to stagnate but biofuels production due to expand significantly to 2030
Oil consumption rates have been level with or greater than consumption rates pre-Covid since Q3/Q4 2022. The IEA, the US EIA and OPEC have forecast global oil demand to hover around 102m b/d in 2023. All three organisations also forecast consumption to increase in 2024 to 102.75–104.25m b/d. In the longer term, the IEA forecasts oil consumption to increase by an additional 2.6m b/d, reaching approximately 105.7m b/d, by 2029. Asia-Pacific will be the leader in oil demand growth to 2030, led by increased industrialisation and demand for refined and petrochemical products in developing nations. Refined product consumption Refined product demand is forecast to increase over the next several yea
Also in this section
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
29 November 2024
There are opportunities for attractive returns and greater project success amid a real push by the Iraqi government for reform, as long as there is a shared understanding between the needs of investors and the host government
