Global Oil Demand Faces Decline as Major Producers Shift Strategies

Saudi Arabia and Russia are diversifying their economies amidst changing oil market dynamics and increased clean energy adoption.

OPEC has repeatedly lowered its oil demand forecasts, with the International Energy Agency predicting significant declines by 2050.
Saudi Arabia and Russia are moving to diversify their economies due to sustained low oil prices and geopolitical tensions.
China's rapid adoption of renewable energy and electric vehicles is reducing its reliance on oil imports, impacting global demand.
The United States' shale oil boom has altered global oil market dynamics, reducing the influence of traditional oil producers.
Electric vehicle sales are surging globally, with significant growth in China and emerging markets, further eroding oil demand.