IEA predicts peak in global oil demand by end of decade.

The International Energy Agency (IEA) has released a report stating that global oil demand growth will slow down significantly by 2028, with a peak in demand in sight. The shift towards cleaner energy technologies, including electric vehicles and biofuels, will reduce the use of oil for transport fuels. Despite a cumulative increase in demand, annual demand growth is expected to shrink from 2.4 mb/d this year to just 0.4 mb/d in 2028. The report also notes that oil producers need to pay attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition.