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
11 March 2025
Direct air capture is still in its infancy, but organisations are seeking to leverage global collaborations and AI to discover new materials, with an aim of scaling up the technology and cutting costs
11 March 2025
Iran, Iraq, Venezuela, Nigeria and Kazakhstan all add significant volumes as core OPEC-9 feels the strain of compliance
11 March 2025
Investor certainty key to diversifying country’s oil and gas exports amid fresh talk of improving infrastructure to boost energy security
10 March 2025
Oil sands will be complemented by conventional and shale output growth and supply opportunities improved by the Trans Mountain Pipeline, but the tariff threat remains
