BancaMarch: The International Energy Agency (IEA) expects global demand for crude oil to peak before the end of the decade. According to the agency, consumption of crude oil as a transport fuel will begin to decline from 2026, due to the rise of the electric car and other measures put in place. Nevertheless, the IEA forecasts a 6% growth in global oil demand between 2022 and 2028, reaching 105.7 million barrels per day, as a result of strong demand from sectors such as petrochemicals and aeronautics.
However, despite this cumulative increase, annual demand growth is expected to slow from an estimated 2.4 million barrels per day this year to just 400,000 barrels per day in 2028, “putting a peak in demand in sight”. On the other hand, the IEA comments that global investment in oil and gas exploration, extraction and production is approaching the highest levels since 2015.
