The International Energy Agency (IEA) announced on Tuesday that global oil demand is projected to continue increasing until approximately 2030. Demand growth is anticipated even with China, the leading oil importer,

The International Energy Agency forecasts global oil demand to peak at 105.6 million bpd by 2029, driven by continued U.S. consumption despite China’s early decline due to EV adoption.

China's oil demand will stop growing earlier than expected, reinforcing the outlook for a global peak and prolonged supply surplus this decade, the IEA said.