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Oil Market at Risk of Supply Shortage as Peak Demand Still Decade Away: GS

OIL

The oil market could hit a supply shortage as peak demand is still a decade away, according to Goldman Sachs, cited by Business Insider.

  • Goldman Sachs estimates that crude demand will peak at around 10m bbl in 2034.
  • This is due to rising demand in Asia for refined products, Goldman Sachs said.
  • Rising demand could spark a supply shortage, especially if companies continue to hold back on capital expenditures.
  • "We think peak demand is another decade away, and more importantly, after the decade it takes to peak, it plateaus, rather than sharply declines, for another few years,” Goldman Sachs said in a report.
  • "While peak oil demand is still a decade away, capital is slowing for the production of crude oil and oil products, contributing to constrained supply in the medium term."
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