AdvtAdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. The group says oil should be part of the energy transition and it cited decisions by some governments and companies to slow retreats from fossil fuels. IEA Executive Director Fatih Birol said last week global coal, oil and natural gas consumption may peak before 2030. "Despite this outlook, oil demand proved to be resilient in 2023," the report said.World demand in 2028 will reach 110.2 million bpd, OPEC said, up from 102 million bpd in 2023. It predicted oil use in 2027 would reach 109 million bpd, up from 106.9 million bpd estimated in 2022.In 2020, OPEC made a shift when the pandemic hit oil demand, saying consumption would eventually slow after for years predicting ever-increasing use.

Source: Economic Times October 09, 2023 21:12 UTC