Oil demand is slowing, worldwide

Though too slowly. A lot more intervention - like bringing down the pathological greedheads at Big Oil - is needed. "Needed" and "will happen" are different things.

In the coming years, the world’s (increasing) demand for oil is predicted to decline and almost come to a halt by 2028. A new report from the International Energy Agency confirmed that high prices and security of supply concerns caused by the global energy crisis is shifting the world towards renewable energy faster.

The report titled, Oil 2023, forecasts “global oil demand will rise by 6 percent between 2022 and 2028 to reach 105.7 million barrels per day (mb/d),” but despite this cumulative increase, “annual demand growth is expected to shrivel from 2.4 mb/d this year to just 0.4 mb/d in 2028, putting a peak in demand in sight,” a press release from International Energy Agency (IEA) said. - Nation of Change