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Oil

Published:
10 July 2024

Oil demand falls over the outlook driven by falling use in road transport

Global oil demand plateaus over the remainder of this decade before declining over the rest of the outlook, led by the falling use of oil in road transport.

Falls in oil demand are reflected in shifting patterns of product demand and refining activity

The changing level and composition of oil product demand leads to a marked rationalization in refining activity, with its global composition shifting over time.

The pattern of global oil supplies shifts as oil demand declines

The composition of global oil production changes over time, with the impact of falling oil demand borne largely by non-OPEC+ producers.

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