RSS feed source: US Energy Information Administration
In-brief analysis
May 15, 2025
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), May 2025, and Oxford Economics
Note: Excludes 2020 and 2021 as outlier years because of the COVID-19 pandemic.
We forecast consumption growth of crude oil and other liquid fuels will slow over the next two years, driven by a slowdown in economic growth, particularly in Asia, in our May Short-Term Energy Outlook (STEO).
The world economy, measured by GDP, increases 2.8% in 2025 and 2026 in our forecast. Excluding the years of global economic contraction in 2020 and 2009, these economic growth rates would be the lowest since 2008. Considerable uncertainty over world trade, manufacturing, and investment points to downside risk in economic growth, which has a direct effect on oil consumption.
Economic activity uses energy. Increases in population,
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