The EIA said in a statement that it expects oil production growth to be led by countries outside of OPEC+. Production in South America has been the leading source of growth as new offshore vessels have started up ahead of schedule in Brazil and Guyana this year, the outlook said.

Global primary energy demand is set to rise from 308 million barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050.

The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y. This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs.

The demand for electricity is rising rapidly. Onshoring of manufacturing, EVs (both private and commercial) and, most importantly, data centers, serving the demand for AI, are all staking their claim to more electricity.

The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month’s assessment to 1.8 mb/d, y-o-y.

"There is no peak demand on the horizon," OPEC Secretary General Haitham al-Ghais said in the organization's World Oil Outlook, which sees global thirst for liquid fuels increasing from 102.2 million b/d in 2023 to 120.1 million b/d in 2050, "with the potential for it to be higher".

Согласно прогнозам ОПЕК+, спрос на нефть в 2024 году вырастет на 2,2 млн баррелей в сутки (б/с), до 102 млн б/с. «В перспективе до 2030 года, а это всего 6 лет, сегодняшние 102 млн б/с могут превратиться в 110 млн б/с или даже 115 млн б/с», – отметил Александр Новак.

The global oil demand growth forecast for 2024 remains broadly unchanged from last month’s assessment at 2.2 mb/d.

The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 mb/d.

In 2023, the International Energy Agency (IEA) asserted that it saw a global oil demand peak before the end of this decade and called for a halt to new oil investments. This was despite the IEA only a few years earlier highlighting that the world would still need oil for years to come and stressing the importance of investing in the sector.