A brand new report by the British consulting agency Wooden Mackenzie revealed that world demand for oil is not going to attain its peak earlier than 2032, that’s, two years later than earlier estimates.
The report, which was issued Wednesday underneath the title “Prospects for the power transition”I attribute this to the continued heavy reliance on fossil fuels within the transportation and petrochemical industries.
The report defined that the elevated reliance on fossil power sources on account of the elevated demand for electrical energy as a result of enlargement of the makes use of of synthetic intelligence, along with geopolitical tensions, made reaching carbon neutrality by 2050 an unattainable purpose.
Wooden Mackenzie expects demand for liquid hydrocarbons to peak at 108 million barrels per day in 2032, with demand for pure gasoline remaining sturdy till the 2040s.
In China, oil demand reached 16 million barrels per day in 2025, however the unfold of electrical vehicles might result in a decline of as much as 35% by 2060, whereas India, Southeast Asia, and Africa stay main drivers of worldwide oil demand progress.
