Oil demand to reach record high in 2026 - FORECAST

The accelerated introduction of electric vehicles around the world will quicken the onset of the peak of global oil demand, Report informs with reference to the Rystad Energy consulting company.

Rystad Energy experts expect that oil demand will peak at 101.6 million barrels per day in 2026. Earlier the peak in oil demand was predicted to be 102.2 million barrels per day in 2028. Before the outbreak of the coronavirus pandemic, Rystad Energy expected oil demand to peak in 2030 with 106 million barrels per day.

Earlier, Goldman Sachs predicted the onset of a peak in oil consumption in the transport sector in 2026. According to analysts of the investment bank, this will happen due to the increasing number of electric vehicles. Total oil consumption in the current decade will continue to increase due to aviation kerosene and petrochemicals, but after 2025, growth will be weak.

According to top managers of the largest oil companies, the peak in oil demand is expected in 2030 or later. British BP has a special opinion on this matter, considering that the peak in demand was in 2019, while OPEC says the maximum consumption will be in 2040.