Global Oil Demand Will Maintain Steady Growth

The different views of the International Energy Agency and OPEC on the prospects of global oil supply and demand have attracted widespread attention in the market. Internationally renowned institutions and energy experts predict that the rapid popularization of electric vehicles has led to a decline in the growth rate of gasoline consumption, but the growing energy demand of emerging economies and the long and tortuous process of oil substitution will make global oil consumption still have room for growth in the medium and long term.

Vaclav Smil, an international energy expert, pointed out: "In the process of global energy transformation, we have actually only achieved a relatively small decline in the share of fossil fuels in the world's primary energy consumption, from nearly 86% in 1997 to about 82% in 2022. However, at the same time, the total consumption of fossil fuels has increased significantly, and the total global fossil energy consumption in 2022 is nearly 55% higher than in 1997."

Although the rapid popularization of electric vehicles has slowed the growth of gasoline consumption, there is still a lack of effective energy alternatives in many industries. Therefore, in the medium and long term, global oil demand will continue to maintain steady growth. At present and for a long time to come, developing the economy and solving energy problems will still be urgent tasks facing human society.