Analysts at Goldman Sachs have revised their forecast for global oil demand upward.
According to a forecast by experts at Goldman Sachs, global demand will reach 113 million barrels per day by 2040, compared to 103.5 million b/d in 2024.
In 2024, Goldman Sachs predicted that oil demand would peak in 2034, after which consumption would begin to decline. It is now expected that the peak will occur six years later due to slower adoption rates of electric vehicles.
The key driver of oil consumption will be the petrochemical industry. The aviation sector will also make a significant contribution to maintaining demand. Meanwhile, analysts do not expect any major technological breakthroughs in low-carbon solutions in the foreseeable future.
Bank experts point to high uncertainty in long-term forecasts for oil demand. Among the key risks are the potential acceleration of technology development and the consequences of possible economic downturns.
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