Oil demand may hit 100 million b/d in 2041 if economic recovery sustains

Platts Analytics sees continued growth in long-term petrochemicals demand as potentially delaying peak oil demand to 2021.

Covid-19 may have done permanent damage to oil consumption in the transport sector. Some analysts see global oil demand peaking later this decade, while others believe it may never return to the giddy heights of 100 million barrels per day (b/d). But strong growth in petrochemicals use could delay peak oil demand for a couple of decades.

An accelerated shift to cleaner energy and electric vehicles along with vehicle efficiency improvements had already started to gnaw away at oil demand well before the coronavirus hit.

What is striking is that those transportation sectors seen as more resistant to energy transition