“Growth in the world’s demand for oil is set to slow almost to a halt in the coming years,” said the agency, which advises major economies. “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.”
Global oil demand growth will taper off over the next few years as high prices and Russia’s invasion of Ukraine speed up the transition away from fossil fuels, the International Energy Agency said.
Consumption in 2024 will grow at half the rate seen in the prior two years, and an ultimate limit for demand will arrive this decade as electric vehicles send the use of gasoline by cars into decline, the Paris-based IEA predicted in a medium-term outlook. With production capacity still growing, markets will remain “adequately supplied” through to 2028, it said.
