Global oil demand will peak at 105.6 million bpd in 2029, supported by lower gasoline prices and slow adoption of electric vehicles in the US.

The International Energy Agency report forecasts global oil demand rising to 105.6 million barrels per day by 2029, despite peaking in China in 2027. This is influenced by cheaper gasoline and slow adoption of electric vehicles in the US. Production capacity is also projected to increase to 114.7 million bpd by 2030. Geopolitical risks remain significant, especially in the context of the Israel-Iran conflict.