Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Pandemic, energy transition to hasten peak in global oil demand: Rystad Energy

    Pandemic, energy transition to hasten peak in global oil demand: Rystad Energy

    November 3, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp
    Oil demand

    Oslo — The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted on Monday.

    Global demand will likely peak in 2028 at 102 million barrels of oil per day (bpd), down from a pre-pandemic forecast of a peak in 2030 at 106 million bpd, Rystad Energy said.

    The new prediction assumes the share of oil in various sectors of the global economy will develop in line with stated government goals to move towards a cleaner carbon future, such as in the electrification of transport, it said.

    In 2020, the coronavirus will likely drive down global demand to 89.3 million bpd from 99.6 million bpd in 2019, before a partial recovery to 94.8 million bpd next year and a return to around 100 million bpd in 2023, Oslo-based Rystad said.

    “The slow recovery will permanently affect global oil demand levels,” it said.

    While lockdowns are stunting economic recovery in the short term, Rystad predicted, the pandemic will also leave behind a legacy of behavioural changes affecting oil use, contributing to a decline in demand by 2050 to around 62 million bpd.

    (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)

    Related News

    Demand for US light sweet crude drops as OPEC+ ramps up output

    Crude climbs on US jobs report, China talks

    Oil prices at risk amid supply increases, demand concerns

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025

    Rivers State to revive abandoned Songhai Farms, healthcare facilities

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.