Oil demand is still growing, but the growth in consumption is only about 1.3% per year, less than population growth. Yet, at present the transportation sector is still dependent on oil. Once electric vehicles become cheaper than gasoline powered ones (which will happen in 5-7 years), oil demand will likely begin to drop - at first slowly, then faster. Given the long timelines of building pipelines, it really does not make sense to be expanding fossil fuel infrastructure right now.