Oil Demand Growth Faces Significant Headwinds

For most of the past century, energy producers could count on steady oil demand growth. From industrial development in China to population booms in emerging markets, the global appetite for oil kept expanding like clockwork.  There were occasional exceptions, like the 2008-2009 recession and the demand slump from COVID-19, but global oil demand has increased at an average rate of about 1.

2 million barrels per day (bpd) for nearly 60 years. But a recent forecast from the U.S. Energy Information Administration (EIA) suggests that the world may…