Global Oil Demand to Drop Sharply and Peak This Decade, According to IEA Projections

The IEA forecasts global oil demand will increase slightly to 2028, then drop significantly as countries adopt cleaner energy sources.
Demand for gasoline and fossil fuels will peak in 2028, while demand for aviation fuel will drive most remaining growth.
Oil demand growth is projected to fall by half in 2024 and peak in 2028 due to the shift to renewable energy, especially in the US.
New US vehicle emission standards and rise of electric cars will determine when oil demand peaks.
Lower gas prices in the US reflect easing inflation and dropping oil demand.