oil demand

OPEC cuts 2026 oil demand forecast, shifts growth to 2027

OPEC now expects world oil demand to grow by 400,000 barrels per day (bpd) in 2026. At the start of the year it had forecast 1.4 million bpd. Secretary General Haitham Al Ghais announced the cut on Monday, October 12,…

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China targets 70% EV sales by 2030 in new plan

China has set a target for electric and plug-in hybrid vehicles to account for 70% of all new passenger car sales by 2030, the centerpiece of a sweeping five-year automotive development plan released Friday by nine government agencies. The plan…

EVs displaced twice the expected oil in China, IEA says

The U.S.-led war in Iran, now approaching its sixth month, is reshaping the global auto market as energy supply disruptions and soaring fuel prices push consumers toward electric vehicles at a pace that has surprised even optimists.