S&P Global Commodities Joins the IEA in Forecasting Peak Oil Demand to Arrive as Early as 2030: What, Where, When & Why?

The global demand for crude oil is expected to see its peak in 2030 at 112 million barrels a day mark with India and Africa to be major contributors, S&P Global Commodity Insights reported in December 2023 – two months after the IEA were criticized heavily by OPEC for predicting a similar peak date. The current global demand of crude oil is at 103 million barrels per day, and India and Africa will be the major contributors to the 8.7% increase in demand by 2030 as industrial activities will pick up in the Global South region, S&P said.

Listen to the insights of Paul McConnell, Executive Director, Climate and Sustainability, S&P Global Commodity Insights