The global Peak Oil Demand will gradually slowly come and eventually create that will change global oil and energy market dynamics. In 2010, the IEA included a peak for world oil demand for the first time in one of its energy outlook scenarios. Since then, peak demand has gained greater prominence in most industry forecasts. In its 2020 World Energy Outlook, BP presented two scenarios where oil demand would never recover to its pre-pandemic levels. The most bullish case for oil, called the “new momentum” scenario by BP, projects that crude demand will rise to 101 million B/D in 2025 and remain flat into 2030. After that point, global demand retreats to 98 million B/D by 2035 and to 92 million B/D by 2040.
Related Definitions in the Project: The Project Management; Plant and Process Unit
Example Article of the Oil Demand:
IEA To Expedite 2025 Oil Demand Forecast in OPEC Competition (Source: Oil Price on 24 January 2024): By Alex Kimani - The International Energy Agency (IEA) has announced that it will publish its 2025 oil demand forecast report in April, about three months earlier than its former schedule after OPEC expedited its equivalent report by six months. Last week, OPEC released its 2025 oil demand forecast wherein it maintained its earlier prediction of robust demand growth in 2024 and 2025 led by China and the Middle East. OPEC has forecast that oil demand will grow by 1.85 mb/d in 2025 to hit 106.21 million bpd. For the current year, OPEC maintained its earlier prediction that demand growth will clock in at 2.25 million bpd. OPEC’s 2025 forecast came out on the same day OPEC Secretary General Haitham Al Ghais published an article that disputed a commonly held view that global oil demand is close to a peak, and reiterated earlier calls for continued investments in the industry. ...
