Oil demand growing at a slower pace as post-Covid rebound runs its course

Global oil demand growth is currently in the midst of a slowdown and is expected to ease to 1.2 million barrels a day (mb/d) this year and 1.1 mb/d in 2025 – bringing a peak in consumption into view this decade. This is primarily the result of a normalisation of growth following the disruptions of 2020-2023, when oil markets were shaken by the Covid-19 pandemic and then the global energy crisis sparked by Russia’s invasion of Ukraine.