- The shift to a clean energy economy is picking up pace
- A peak in global oil demand is in sight before the end of this decade
- Global oil demand will grow by 2.4 mil bpd this year, to a record 102.3 mil bpd
- That is helped by growth from the post-pandemic recovery, which is set to end this year
- 2024 will mark the end of the post-pandemic demand recovery
- Expects annual oil demand growth to slump to 400k bpd by 2028
I wouldn't say that the pandemic has changed things but the Russia-Ukraine conflict has certainly highlighted how reliant the world is on oil still. As much as the world economy wants "cleaner" energy, it isn't going to come overnight and it is a costly exercise. The transition may end up being a painful one, and we haven't seen much of that yet.
