Global oil demand to dip in 2030, first drop since Covid

Total demand is forecast to reach 105.5 million bpd in 2030, down from 105.6 million in 2029.

Global oil demand will fall slightly in 2030, its first drop since the 2020 Covid pandemic, the International Energy Agency said Tuesday.

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.