Outlook 2025: Crude oil and changing global energy demand
Oil demand growth may be slowing, but the needs of rising populations and developing economies mean the outlook is still evolving
Global demand for energy is rising steadily due to factors including population growth and economic expansion in developing nations. Crude oil and refined products will continue to be a critical part of the energy landscape for years to come, even as factors such as the energy transition, weakened economics and the potential for oversupply are expected to change the picture. As we move towards the midpoint of this decade, global oil demand will continue to rise, but at a reduced pace, according to some forecasts. In early October 2024, the US Energy Information Administration (EIA) stated that world oil demand is expected to increase by 1.2m b/d, to 104.3m b/d, in 2025. This forecast is abou
Also in this section
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
