Peak in oil demand 'in sight' before end of decade: IEA | Business

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Global oil demand could peak before the end of this decade as the energy crisis has accelerated the transition to cleaner technologies, the International Energy Agency said on Wednesday. | News24_Business

The Paris-based agency forecast in its Oil 2023 medium-term market report that annual demand growth would slow sharply over the next five years, from 2.4 million barrels per day this year to 400,000 bpd in 2028.

"Oil producers need to pay careful attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition," Birol said.

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