Outlook 2025: Crude oil and changing global energy demand
Oil demand growth may be slowing, but the needs of rising populations and developing economies mean the outlook is still evolving
Global demand for energy is rising steadily due to factors including population growth and economic expansion in developing nations. Crude oil and refined products will continue to be a critical part of the energy landscape for years to come, even as factors such as the energy transition, weakened economics and the potential for oversupply are expected to change the picture. As we move towards the midpoint of this decade, global oil demand will continue to rise, but at a reduced pace, according to some forecasts. In early October 2024, the US Energy Information Administration (EIA) stated that world oil demand is expected to increase by 1.2m b/d, to 104.3m b/d, in 2025. This forecast is abou
Also in this section
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
