Srinagar, June 17 -- Global oil demand is projected to continue rising until 2029, even as top importer China hits its consumption peak in 2027, the International Energy Agency (IEA) said on Tuesday. The agency cited slower electric vehicle (EV) adoption and lower fuel prices in the U.S. as key reasons for sustained global growth.

According to the IEA's latest annual report, oil demand will peak at 105.6 million barrels per day (bpd) by 2029, then decline slightly in 2030. In contrast, global supply is forecast to reach 114.7 million bpd by the end of the decade, suggesting markets will remain well-supplied barring major geopolitical disruptions.

While China's shift to EVs and alternative transport is expected to cap its demand by 2027,...