Oil Demand Growth to Slow Sharply as Peak Nears, IEA Says
- Fuel consumption in 2024 to expand at half pace of prior years
- Oil markets to remain adequately supplied through to 2028
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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.