[Institution: Global Crude Oil Demand May Have Peaked in 2025] According to a report by Jinse Finance on October 12, energy consultancy FGE NexantECA stated that global crude oil demand may have peaked in 2025, partly due to the growing fuel demand increasingly being met by biofuels. The company's honorary chairman Fereidun Fesharaki and analyst Cuneyt Kazokoglu noted in the report: 'Global liquid fuel consumption will continue to grow, but this does not necessarily mean crude oil consumption will increase.' Biofuels, as well as hydrocarbon products like ethane generated during natural gas processing, are meeting an increasing share of fuel demand. FGE NexantECA believes that this year's Hormuz Strait crisis disrupted transportation through this key Middle Eastern shipping route, leading to a permanent loss of some oil demand. The company pointed out that this crisis occurred approximately six years after the COVID-19 pandemic, similar to the time intervals between the oil crises of 1973 and 1979. The shocks of those years led to a lasting decline in oil demand in the power generation sector. Unlike the 1970s, the core of energy substitution this time is road transportation, which accounts for about 45% of global oil demand. Electric vehicles are weakening gasoline demand and beginning to impact diesel consumption.