The thirst for oil will be driven by increased demand for petrochemicals and specialized refined products such as jet fuel
By B N KUMAR
MUMBAI, July 12 (The CONNECT) – The world’s demand for oil is expected to grow for the next decade, says Goldman Sachs Research.
Lacklustre electric vehicle sales and rising incomes around the globe are increasing the appetite for energy supplies that will be met primarily with more fossil fuels.
“While some prominent forecasters have predicted oil demand will peak by 2030, our researchers expect oil usage will increase through 2034. That’s in part because of demand for oil from emerging markets in Asia and demand for petrochemicals,” Goldman Sachs Research report says.
“We think peak demand is another decade away, and more importantly, after the decade it takes to peak, it plateaus, rather than sharply declines, for another few years,” write Nikhil Bhandari, co-head of Asia-Pacific Natural Resources and Clean Energy Research, and analyst Amber Cai in the team’s report.
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