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Global Oil Demand to Rise to 2030, but Annual Growth Peaked: BoA

OIL

Global Oil Demand to Rise to 2030, but Annual Growth Peaked: BoA

Global crude oil demand will continue to rise into 2030 amid strong petchem and jet fuel demand, but the rate of increase has likely peaked, according to Bank of America analysts, cited by OPIS.

  • Global oil demand hit a record of 103m b/d in Q4 2023 and BoA expects global oil consumption to hit 107m b/d by 2029 at an annual growth rate of 0.6m b/d, much less than the rate over the past three years.
  • "Oil consumption will likely continue to grow into 2030, but the rate of oil demand growth has likely peaked for good," the bank said.
  • The bank added that given the high price of SAF, traditional jet fuel demand should remain supported.
  • Meanwhile, petchem use will account for almost 25% of global oil demand by 2050. Current levels are in the high teens.
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