![]() ![]() For instance, in 2019, each day, the world consumed more than three times the number of oil barrels than it did in 1965. ![]() Although its share peaked in the mid-1970s, when it accounted for almost half of the world’s energy consumption, its demand continues to grow in absolute terms. ![]() Oil has dominated the world’s primary energy mix for nearly six decades. Today they are desperately looking for oil tomorrow they will be in a much stronger position. In such a world, market power will shift toward consumers. In a shrinking market, for one country to increase production, supply from another country is squeezed out, usually done by price competition. In a growing market, there is space for everyone. A relatively new question is increasingly considered in these assessments, namely when oil consumption will peak in the world.Īfter peak oil demand is reached, it will at some point plateau and then shrink. Typically, investors analyze how the market and particularly oil demand will look many years ahead because of the long-term nature of oil projects. It has not so far (except for the hit it took during the height of the Covid-19 pandemic). This reluctance to invest was partially driven by expectations that oil demand growth would slow. The world is scrambling to find new oil supplies because of inadequate investment over the last few years. Forecasts vary, but worldwide oil consumption is expected to peak in 20 years.However, driven by Asia, global demand for oil continues to rise in absolute terms.Oil is used more efficiently today while its share of energy consumption has dropped. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |