An oil refinery in Navodari, Romania.(Photo: AFP/VNA)

In June, the IEA forecast that the global oil demand could peak before the end of this decade as the energy crisis has accelerated the transition to cleaner technologies.

The IEA revised its forecast for next year, estimating that global oil demand will increase by only 1 million bpd, down slightly from 1,150,000 bpd previously announced.