Due to the coronavirus, the demand for oil in the world will reach its peak of 102 million barrels per day in 2028. Experts’ forecasts of the independent Norwegian company Rystad Energy note that it is the transition to low-carbon energy and COVID-19 that will bring the peak demand for oil closer.
Prior to the pandemic, experts predicted that the maximum global demand for oil would reach 106 million bpd in 2030. It is expected that the recovery of oil demand, to the previous level, will not be before 2023 (100.1 million bpd).
In 2021, the demand for raw materials will fall to 89.3 million bpd, the recovery will be slow due to the weakening of the world economy and the weak recovery of the aviation industry.
“We do not believe that COVID-19 has left the peak of oil demand behind. But we recognize that the pandemic will significantly change the estimated momentum of peak oil demand, both in terms of timing and volume, ”said a senior oil market analyst at Rystad Energy. In 2050, demand for oil will fall to 62 million bpd due to the expected high market share of electric vehicles, according to Rystad.