Oil demand to peak by 2035, data in Saudi Aramco prospectus shows
As recently as February, Aramco CEO Amin Nasser dismissed concerns about the rise of alternatives to oil as ‘not based on logic and facts’
Dubai — Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering (IPO), suggesting views are slowly changing in the country where officials long dismissed the notion as overblown.
Rather than providing its own assessment, Aramco used a forecast from industry consultant IHS Markit that forecasts oil demand to peak in about 2035. Under that scenario, demand growth for crude and other oil liquids will be “levelling off” at that time. In an accompanying chart, the Saudi oil giant showed global oil demand lower in 2045 than in 2040...
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