The report, Oil 2025 , highlights several important trends that could considerably reshape global oil markets in the years ahead. According to the report, China – which has driven the growth in global oil demand for well over a decade – is set to see its consumption peak in 2027, following a surge in electric vehicle sales and the restructuring of its economy. At the same time, US oil supply is now expected to grow at a slower pace as companies scale back spending and focus on capital discipline. Still, among non-OPEC countries, the United States is set to remain the single largest contributor to global oil supply growth in the coming years.