IEA: Global Oil Demand to Plateau at 105.5 mb/d by 2030

SEATTLE (Oil Monster): The International Energy Agency's (IEA) most recent report projects that between 2024 and 2030, the world's oil consumption would increase by 2.5 million barrels per day (mb/d). By the conclusion of the current decade, the demand is probably going to level off at about 105.5 mb/d.

The analysis predicts that the boom in oil demand will continue. However, structural shifts in global supply and consumption patterns could redefine the oil market in the years to come. By 2030, it is anticipated that the total production capacity will have increased by almost 5 mb/d to 114.7 mb/d, primarily due to the strong rise in natural gas liquids and other non-crude liquids.

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By 2030, the growing use of electric vehicles will cause a 5.4 mb/d displacement in the world's oil demand. According to the EIA research, sales of electric cars are predicted to surpass 20 million in 2025, having reached a new record of 17 million in the previous year. China's oil consumption may peak in 2027 as a result of the growing use of electric vehicles.

In the upcoming years, it is anticipated that the growth in U.S. output would slow down. According to the IEA, the United States, Canada, Brazil, Guyana, and Argentina will primarily supply the output needed to meet the demand growth through 2030.