Crude oil demand set to decline in 2030: IEA sees first drop since...

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Crude oil demand set to decline in 2030: IEA sees first drop since Covid, supply growth to be led by US and Saudi Arabia

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The IEA forecasts a slight dip in global oil demand in 2030, marking the first decline since the 2020 Covid shock, driven by slower economic growth, EV adoption, and energy transition efforts. Global oil consumption is projected to peak at 105.6 million bpd in 2029 before decreasing to 105.5 million bpd the following year.

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