> Global oil demand is projected to increase in 2025 compared to 2024, but the growth rate is expected to slow down. The International Energy Agency (IEA) anticipates a decrease in global oil demand growth for the remainder of 2025, but expects demand to reach 104 million barrels per day (bpd) in 2025, a notable increase from 2024.

Perhaps you meant the pace of growth is slowing this year. But that has a lot to do with the macro economic situation, with central banks around the world cutting rates as growth slows (and some countries enter recession.) The global economy is slowing, when it rebounds again, so will growth in oil demand.

We're still far from peak demand.

Oil demand is still increasing worldwide. It won’t peak for at least a decade, but probably much longer.

There are more ICE cars on the road than ever.