International Energy Agency Predicts Oil Demand Has Officially Peaked

International Energy Agency Predicts Oil Demand Has Officially Peaked

new report from the International Energy Agency (IEA) predicts that gasoline demand will never return to pre-pandemic levels. The IEA tracks EV industry growth as an indicator of future oil demand, and their five-year forecast says that an accelerating shift toward EVs and increasing fuel efficiency among gas-powered vehicles will outweigh demand growth from developing nations. 

Why This Matters: While there won’t necessarily be a lack of supply, the report states, the lack of demand may lead to a winding down of oil operations entirely.

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