Outlook 2025: Crude oil and changing global energy demand

Oil demand growth may be slowing, but the needs of rising populations and developing economies mean the outlook is still evolving

Global demand for energy is rising steadily due to factors including population growth and economic expansion in developing nations. Crude oil and refined products will continue to be a critical part of the energy landscape for years to come, even as factors such as the energy transition, weakened economics and the potential for oversupply are expected to change the picture. As we move towards the midpoint of this decade, global oil demand will continue to rise, but at a reduced pace, according to some forecasts. In early October 2024, the US Energy Information Administration (EIA) stated that world oil demand is expected to increase by 1.2m b/d, to 104.3m b/d, in 2025. This forecast is abou