The International Energy Agency (IEA) has revised its forecast, predicting that China's oil demand will peak in 2027 at approximately 16.95 million barrels per day (b/d), slightly above the 16.63 million b/d recorded in 2024. After 2027, the IEA expects China's oil consumption to decline modestly to 16.66 million b/d by 2030, indicating virtually no growth in Chinese oil demand through the end of the decade. Despite this anticipated peak in China, the IEA projects global oil demand to continue growing, although it has trimmed its 2025 global demand growth forecast to 720,000 b/d. Non-OPEC+ production is expected to increase by 1.4 million b/d, with global production capacity projected to expand by 5.1 million b/d by 2030. In contrast, the Organization of the Petroleum Exporting Countries (OPEC) maintains a differing outlook, forecasting that global oil demand will continue to rise until at least 2050, reaching nearly 123 million b/d from 103.7 million b/d last year. OPEC has characterized efforts to rapidly transition away from fossil fuels as unrealistic. Additionally, OPEC projects a 30 percent increase in oil production by 2050. Meanwhile, global oil demand growth in 2025 is expected to be the slowest annual increase since the 2008 financial crisis, excluding pandemic years.