Search results
- After a steep decline due to COVID-19, oil demand increased to pre-pandemic levels in 2023 at 101.7 million barrels per day (MMb/d). However, growth may not last long, as peak demand is projected to materialize before 2030 across our four bottom-up energy transition scenarios.
www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023-oil-outlook
People also ask
Will global oil demand peak in 2028?
Will combustible fuels increase oil demand in 2028?
Will global oil demand peak in the next few years?
Which sector will drive global oil demand growth in 2022?
How will US oil supply change in 2023?
Will world oil demand grow in 2022-28?
Jun 14, 2023 · The Oil 2023 medium-term market report forecasts that based on current government policies and market trends, global oil demand will rise by 6% between 2022 and 2028 to reach 105.7 million barrels per day (mb/d) – supported by robust demand from the petrochemical and aviation sectors.
We estimate that global oil demand reaches 105.7 mb/d in 2028, up 5.9 mb/d compared with 2022 levels. Crucially, however, demand for oil from combustible fossil fuels – which excludes biofuels, petrochemical feedstocks and other non-energy uses - is on course to peak at 81.6 mb/d in 2028, the final year of our forecast.
Dec 4, 2023 · The IEA's projections for global oil demand show oil use increasing in the next few years – but growth slowing towards the end of the decade (Source: IEA Oil 2023)
Jun 14, 2023 · The IEA said it expected investment in oil and gas exploration and production to hit $528 billion in 2023, its highest level since 2015 and an 11% increase on last year’s figure.
World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
Investment in clean energy is accelerating at a faster rate than for fossil fuels, helping bring peak oil demand into view. Oil 2023, the IEA’s medium‑term outlook, provides a comprehensive overview of evolving oil supply and demand dynamics through to 2028.
