When will oil demand peak It depends on who you ask. The IEA, in its latest medium-term outlook, forecasts oil demand growing up to 2028 but peaking by 2030. Notably, the peak is five years earlier than IEA’s World Energy Outlook 2022, in which its “stated policies scenario” saw demand peaking in the mid-2030s. Opec sees things differently. The group’s baseline scenario for oil demand forecasts that the peak will come a decade later in 2040, and more than 4mn b/d above the IEA at almost 110mn b/d.
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