The International Energy Agency (IEA) has revealed that global oil demand is expected to decline slightly in 2030, marking the first drop since the COVID-19 pandemic in 2020.
Annual demand growth, which is currently around 700,000 barrels per day for 2025 and 2026, is projected to slow significantly in the coming years, with a modest decline expected in 2030. According to the agency, total demand in 2030 is forecast to reach 105.5 million barrels per day, down slightly from 105.6 million barrels per day in 2029.
Oil demand dropped sharply in 2020 as global lockdown measures were imposed during the pandemic, falling to 91.7 million barrels per day, before gradually rising in subsequent years.
Source (Al Khaleej UAE Newspaper, Edited)