Global Oil Demand To Peak in Early 2030s: Wood Mackenzie

Global oil demand will peak in the early 2030s as the energy transition curbs consumption, according to Wood Mackenzie.

• They see total liquids demand increasing 9% to reach 108mbpd compared to 99mbpd in 2022 implying average annual demand increases of just under 1% for the decade.
• “That’s a relatively strong increase, but it’s much more moderate than we’ve seen in previous decades,” said vice president for oil markets Ann-Louise Hittle.
• “And of course that’s the impact of the energy transition, as well as the economic growth that’s having an impact as well.”
• Demand from light vehicles will peak at 30mbpd by 2027 but aviation fuel should continue to rise until 2041.