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OIL: Global Oil Demand "Well North" of 100mb/d by 2050: Enbridge

OIL

Oil demand may continue to grow to “well north” of 100mb/d and possibly exceed 110mb/d by 2050, according to Enbridge CEO Greg Ebel cited by Bloomberg.

  • The forecast is one of the more bullish long term expectations compared to a fall to 97mb/d from IEA although OPEC project 116mb/d by 2045. EIA shows current demand at 102.9mb/d.
  • “You continue to see economic demands, and particularly in the developing world, people continue to say lighter, faster, denser, cheaper energy works for our people,” Ebel said. “And that’s leading to more oil usage.”
  • Enbridge continues to add storage and loading capacity at its Ingleside crude export terminal with record volumes “every month” amid expectation of Permian Basin production to grow by 1 million to 2mb/d through the end of the decade.
  • The Mainline oil pipeline system, which transports crude from Canada’s oil sands to US refiners, may increase capacity by 100k – 150kb/d by 2026 or 2027.
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