IEA oil report shows rise in demand to be offset over the longer term

A new IEA report finds that based on today’s policies and market trends, strong demand from fast-growing economies in Asia, as well as from the aviation and petrochemicals sectors, oil demand will continue to rise in the coming years. By the end of the decade, the United States alone is poised to account for 2.1 million barrels per day of non-OPEC+ gains, while Argentina, Brazil, Canada and Guyana contribute a further 2.7 million barrels per day. But those gains will increasingly be offset due to factors such as rising electric car sales and fuel efficiency improvements in conventional vehicles. As