Global oil demand to peak before 2030 as energy crisis accelerates: IEA

Oil demand globally will peak before the end of this decade as the energy crisis accelerates the pace at which countries and industries move away from crude and oil-based fuels, according to the International Energy Agency (IEA).

The renewed push in clean energy investment and deployment triggered by the energy crisis of the past year has helped “bring peak oil demand into view”, the IEA states in its latest Oil 2023 outlook report.

While total oil demand will continue to grow through 2028, the pace of growth will progressively slow towards the end of the forecast period, after which peak demand is expected to be reached.