SEATTLE (Oil Monster): The continuous capacity additions across various countries and the rising consumption of downstream products will propel a 17% surge in crude oil demand from petrochemical sector by the end of the current decade, says a recent report by the International Energy Agency (IEA). Furthermore, demand from combustible fossil fuels is projected to peak as early as 2027.
According to the publication "Oil 2025 – Analysis and Forecast to 2030," starting in 2026, the petrochemical sector is expected to take the lead in driving the growth in oil demand. The refining industry will then be significantly impacted by this. According to the research, by 2030, net refinery capacity would significantly outpace the demand for refined goods.
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By 2030, petrochemical feedstocks are expected to account for 17.4% of global oil consumption, up from 15.8% in 2023. The demand for feedstock is expected to reach 18.4 million barrels per day (bpd) by the end of the projection period. Compared to 2024 levels, this indicates a 2.1 million bpd growth.
Between 2024 and 2030, the petrochemical industry's average yearly oil consumption is expected to increase by almost 2.1 percent.
It should be mentioned that during the previous five years, the petrochemical industry has been the main force behind demand increase. An estimated 2.3 million barrels per day more oil-based feedstocks were consumed between 2019 and 2024.
