The IEA grabbed headlines this week with its Oil 2024 medium-term market outlook forecasting that global oil demand is on course to peak at 105.6mn b/d in 2029 (see chart). “The post-pandemic rebound has faded, macroeconomic drivers remain weak and the accelerating deployment of clean energy technologies weighs heavily on key sectors and regions,” the report states.
IEA, Opec Clash On Peak Oil Demand Expectations
Opec responded fiercely as the IEA’s 2024 medium term oil outlook repeated forecasts that oil demand will peak this decade, accusing it of an “anti-oil narrative.” IEA advice that oil firms reappraise their investment strategies in light of what it says is set to be a “staggering” oil glut will have been especially contentious.
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Charts
IEA Forecasts Global Oil Demand Peaking In 2029 (mn b/d)
IEA Sees Strong Drop In Gasoline Consumption By 2030 (2023-2030 Demand Change By Product: mn b/d)
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