Weaker-than-expected oil consumption in China and rising electric vehicle sales will continue to weigh on the world’s oil demand growth going forward, according to the head of the International Energy Agency (IEA).
J.P. Morgan analysts project that global oil demand will rise to 108.5 million barrels per day by 2035, despite efforts towards decarbonization. Current trends show a steady increase in consumption, with the U.S. Energy Information Administration also forecasting growth, albeit with slight downward revisions for China and OECD countries.