IEA: Oil Demand Will Fall Starting 2028

Global oil demand is destined to decline, as the world accelerates its energy transition, and fossil fuel demand is estimated to peak in 2028. This information has been published in the latest report of the International Energy Agency.

“The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade, as electric vehicles, energy efficiency, and other technologies advance. Oil producers need to pay careful attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition,” explained Fatih Birol, IEA Executive Director.

In the coming years, global oil demand will grow by 6% until 2028, reaching 105.7 million barrels per day. Despite this cumulative growth, the demand will start to decline from 2.4 million barrels per day to just 0.4 million in 2028, when demand is expected to peak.