Global oil demand growth to flatten in 2028

The International Energy Agency (IEA) is predicting that growth in annual demand for crude oil will shrink from 2.8 million barrels per day to 0.4 million barrels per day by 2028. This is interpreted to be the result of the global shift to cleaner energy alternatives as well as high prices and security of supply issues. By 2028 IEA says that peak oil demand may be in sight.

IEA also predicts that the use of oil for transport fuels will go into decline by 2026. Many more insights into the global oil market are to be found in the link.

Note that this report is about oil, not natural gas.