Analysis
Global oil consumption increased by about 1.2 % in 2022 and continued to rise in 2023, contradicting the idea of an imminent peak. Forecasts from OPEC, the IEA, and BP all project demand to keep growing through the 2030s, driven largely by Asia and other emerging markets. While long‑term peak scenarios exist (often placed around 2030‑2040), the present data does not support a near‑term peak. Thus Nasser's statement aligns with the majority of reputable energy outlooks.
Background
Peak oil demand refers to the point when global oil consumption stops growing and begins to decline. Recent energy outlooks show demand growth slowing but still positive, with emerging economies such as China, India, and Southeast Asian nations accounting for the bulk of future increases. Uncertainties remain around policy shifts, EV adoption, and economic growth, but the consensus is that a peak is not expected within the next few years.
Verdict summary
Current data shows oil demand is still rising and is projected to keep growing, especially in emerging economies, so the claim that peak demand is not imminent is accurate.