In an annual outlook for the oil market, the Paris-based agency cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to produce power.
Total demand is forecast to reach 105.5 million bpd in 2030, down from 105.6 million in 2029.
Demand in the world’s top consumer, the United States, is expected to peak this year and decline in 2026 while consumption in China, the top importer of crude, will fall from 2028, according to the “Oil 2025” report.
Saudi Arabia will post the “single largest decline in oil demand for any country” in absolute terms through 2030 as the kingdom replaces crude with gas and renewable energy to produce power, the IEA said.
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