According to RIGZONE news, according to Rystad Energy’s current long-term outlook, oil demand will grow steadily in the 1920s and peak in the late 1930s.
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Bjornar Tonhaugen, chief oil analyst at Rystad Energy, said in a recent statement: “In our long-term outlook, we now see a steady increase in oil demand to 2020, peaking at the end of the 2030s. When we adopt appropriate technology transfer and accelerate efficiency gains, this will stabilize the growth of traffic demand and demand for petrochemical raw materials to 2040.”
However, Tonhaugen warned that in the company’s “low-cost case”, oil demand could peak 10 years ago in 2027, “additional demand shifts will occur due to accelerated electrification of transport, conversion of oil and gas to renewable energy sources, and integration of biofuels and bioplastics”.
The Rystad Energy Representative added: “Even with the acceleration of transport electrification, the exploration and production industries still need to find new ways to discover or extract more oil from existing oilfields to meet the oil demand of 2040.”
Helima Croft, head of commodity strategy at RBC Capital Markets, told CNBC on Monday that demand is the biggest psychological resistance to oil.
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