Mumbai, Nov. 12 -- International Energy Agency (IEA) has stated in its latest World Energy Outlook 2025 (WEO-2025) that global demand for crude oil was 100 mb/d in 2024. In the currency policy scenario or CPS, it rises to 105 mb/d in 2035 and 113 mb/d in 2050, an average annual increase of around 0.5 mb/d. The largest increases to 2035 are for oil use as petrochemical feedstock and other industrial activities, and in aviation. Demand in road transport in 2035 is similar to levels in 2024: by 2035, there are 430 million electric cars on the road worldwide - 60% of which are in China and 25% in Europe - and these avoid more than 6 mb/d of oil demand.
Between 2015 and 2024, the United States increased supply by 8 mb/d while global oil demand ...