BusinessPhoto: Mint MarketsFGE Says Crude Oil Demand May Have Peaked in 2025
FGE NexantECA reports that global crude oil demand may have peaked in 2025, as biofuels and natural gas liquids increasingly meet fuel needs. The 2023 Hormuz crisis disrupted Middle East oil flows, accelerating demand shifts. Road transport, responsible for 45% of oil demand, faces substitution from electric vehicles reducing gasoline and diesel use. Biofuels and ethane have grown faster than crude since 2019, with all US oil demand growth since 2010 driven by ethane.
Mint Markets·



