Over the past two months, reviews by the International Energy Agency (IEA) and the Institute for Energy Economics and Financial Analysis (IEEFA) say peak demand is "looming on the horizon", with demand for transport fuels peaking before 2028. Petrochemicals and air transport will drive oil demand growth, led by China and the developing world. Studies show that in the medium term, oil supply outside the Organisation of Petroleum Exporting Countries (OPEC) will grow fastest in the USA, Guyana and Brazil, while within OPEC, Saudi Arabia, the United Arab Emirates (UAE) and Iraq will lead the way. Russia's oil exports remained stable at around 7.3 mb/d in July, with shipments to China and India accounting for 80 per cent of this.