The Paris-based International Energy Agency (IEA) has predicted that global oil demand will peak before the end of the current decade as the transition to renewable energy gathers momentum. According to the IEA, global oil demand will rise by another 6% from 2022-28 to hit 105.7 million barrels per day. The agency expects demand growth for oil to slump to just 400,000 barrels per day in 2028, way below the growth of 2.4 million barrels per day forecast for 2023. The energy agency has also predicted that global demand for oil used in transportation…
