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Wood Mackenzie Pushes Back Peak Oil Demand Forecast to 2032
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Why This Matters
Wood Mackenzie has revised its peak oil demand forecast from 2030 to 2032, citing sluggish electric vehicle sales in the US and Europe, and strong petrochemical demand. This shift is expected to impact the oil market. Natural gas demand is expected to increase due to growing AI and power demand.
Market Impact
Market impact analysis based on neutral sentiment with 80% confidence.
Sentiment
Neutral
AI Confidence
80%
Article Context
Note: This is a brief excerpt for context. Click below to read the full article on the original source.
Global oil demand is set to peak in 2032, two years later than previously expected, due to solid petrochemical demand and sluggish U.S. and European electric vehicle sales, Wood Mackenzie said in its new Energy Transition Outlook 2025-2026 report on Wednesday. “Oil demand peak has shifted from 2030 to 2032, reflecting sluggish EV sales in the US and Europe, and continued momentum in petrochemicals,” WoodMac said. The surge in AI and power demand will support natural gas across all four different pathways for the energy…
Original article published by
OilPrice.com
on October 29, 2025.
Analysis and insights provided by AnalystMarkets AI.
Analysis and insights provided by AnalystMarkets AI.