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Page added on February 12, 2021
One more dance for oil, before EVs boom
Oil demand could grow at its fastest rate since the 1970s for the next three years, BofA Global Research has said in a note.
The commodity’s future is limited, though, the analysts said, expecting global oil demand to peak around 2030. The rise of electric vehicles (EVs) drives this change.
Oil demand fell by 8.7 million barrels per day in 2020, the largest decline ever. BofA estimated current demand to be around 92-93mn bpd.
In a note, “Oil’s last dance”, the analysts expect demand to grow by 5.3mn bpd in 2021. Growth will continue, although ease off, in 2022 and 2023. BofA forecasts demand to rise 2.8mn bpd next year and then 1.4mn bpd the year after.
Demand therefore could grow by 9.5mn bpd over the next three years, reaching 100.5mn bpd in 2023. In September 2020, the research house predicted oil would peak at 105mn bpd in 2030.
EVs on the up
BofA sees pressure growing on oil demand from the mid-2020s. Remote working “could remain relatively sticky”, it said but more important will be the rise of EVs.
The note predicts these vehicles will reach 34% of total car sales by 2030 and overtake internal combustion engines by 2035. Transportation oil demand will peak in 2028, the analysts expect.
As oil demand peaks around 2030, there is likely to be a plateau, BofA said. Rising sea and air transport will offset the switch into EVs.
A move is under way from public transport to private, the note said, but “there is a limit to how much oil consumption can rise”.
Most future petroleum demand will come from emerging economies, BofA said, although OECD states will recover air and road demand in the next couple of years. However, the world will “be driving more miles on gas than on battery power until the 2040s”.
Heavy duty vehicles will be slower to move away from oil and BofA was also sceptical about near-term prospects for hydrogen.
“We also do not see much progress in the adoption of hydrogen as a fuel until at least the 2030s or even 2040s,” it said. However, should technology help in cutting carbon associated with hydrogen production, “long-term oil demand prospects could be a lot direr”.
8 Comments on "One more dance for oil, before EVs boom"
FamousDrScanlon on Sat, 13th Feb 2021 2:11 pm
EV’s are sissy cars.
Biden’s hairplug on Sat, 13th Feb 2021 2:15 pm
Typical cancer monkey attitude.
FamousDrScanlon on Sat, 13th Feb 2021 3:36 pm
Sorry clog, I forgot about your huge emotional emotional investment in your EV/Green tech advocacy. I’ll try to be more sensitive next time.
Here’s a short video of clog joyriding with his favourite ‘EV’.
https://bit.ly/3ajjDyt
Biden’s hairplug on Sat, 13th Feb 2021 6:20 pm
LOL – “BREAKING NEWS: Donald Trump hints at a comeback as he revels in acquittal calling impeachment a ‘witch hunt’ and saying: ‘Our historic, patriotic and beautiful movement to Make America Great Again has only just begun’“
https://www.dailymail.co.uk/news/article-9257681/Donald-Trump-hints-comeback-revels-acquittal.html
What’s next, a Patriot Party?
https://www.spiegel.de/politik/ausland/donald-trump-impeachment-freispruch-zeigt-die-macht-des-mobs-a-0e111661-f626-438f-8577-04b6ffb6dff7
“The power of the mob”
Kiss the GOP goodbye and the old US-2-party system. And the US, eventually.
“Mathematician Reveals How 2020 Election Was Manipulated To Reverse Landslide and Choose Loser“
https://www.infowars.com/posts/mathematician-reveals-how-2020-election-was-manipulated-to-reverse-landslide-and-choose-loser/
The effort was lead by Jamie Raskike, a natural-born loser:
https://www.theamericanconservative.com/articles/inside-a-dead-on-arrival-impeachment-trial/
Biden’s hairplug on Sat, 13th Feb 2021 7:37 pm
Libtards licking their wounds:
https://www.rt.com/usa/515516-trump-impeachment-acquittal-mcconnell/
“Trump impeachment acquittal is a victory for ‘white supremacy’ … according to liberals crying over ‘sad day in America’“
Make that: a victory for white seperatism.
The Trump-hating BBC knows for a fact that they are stuck with him.
https://www.bbc.com/news/world-us-canada-55773123
“What next for Trump – and Trumpism?“
They may not have to figure it out, however. Even after all the events of recent days, Donald Trump may not be done yet.
FamousDrScanlon on Sun, 14th Feb 2021 12:36 am
licking their wounds?
Do you believe that clog?
There’s no wounds to lick for Dems on this one.
Every Dem politician & human with the cognitive abilities of at least a 9 year old knew from day 1 there was zero chance of a guilty verdict.
So why pursue it then?
If you can answer correctly clog, we’ll let you drink your Coco at the big people’s table on night next week
In the meantime, you are rightfully stuck at the kiddie’s table.
Poor clog, eats, drinks, sleeps & shits politics 24/7, yet is clueless as to how the game is played (except for the lying part).
It’s that emotional investment again – blinding you.
Let me help you clog by providing you with what a real wound for a politician would look like. How about ummm, I don’t know….say getting banned from Twitter for life….OUCH!
Biden's hairplug on Sun, 14th Feb 2021 3:08 am
“There’s no wounds to lick for Dems on this one.”
Really, I just wrote this message to an old Finnish friend of half a century… I’ll translate it for you…
By the way, Trump survived. Nothing stands in the way of establishing a Patriot Party for him, dismantling the GOP and thereby undermining the entire American political system in order to prepare for secession.
https://www.dailymail.co.uk/news/article-9257497/Donald-Trump-ACQUITTED-impeachment-trial.html
The power of the left is now permanent. Biden is busy “documenting” millions of illegal immigrants and thus creating fait accomplis. Biden doesn’t need Dominion to win in 4 years. Americans of the Trump variety will see that and begin to prepare for secession. The US-2 party system just blew itself up. The Dems have won after 150 years… and dug their own grave with it.
The only interesting question that remains unanswered, where the hell did Trump buy those sexy Gestapo-gloves?!
https://static.independent.co.uk/2020/10/31/16/Trump%20michigan.jpg?width=1200
Where can I buy those?
Herr Flick of the Gestapo had them too!! Must have item!
https://www.youtube.com/watch?v=iyjf5Pi9dj4
[0:13]
Biden's hairplug on Sun, 14th Feb 2021 3:44 am
Stunning pictures from Mars in 4K:
https://youtu.be/ZEyAs3NWH4A
Ideal new place to colonize, rather than this one, 500 years ago:
https://www.youtube.com/watch?v=bLsDGtolKLI
The advantage of Mars: no Muslims, no Africans and most important of all no jews.
But before that, we need to turn our European Americans into American Europeans. A subtle difference but with profound consequences. First we need to have scenes like these:
https://documents1940.wordpress.com/2017/09/25/amerikaner/
The Great Refactoring of the North-American continent. That will come with a downgrade of:
– (((NYC)))
– England
– Down Under
– Canada
Upgrade:
– Russia
– EU
– Heartland-USA – US white nationalism
– Scotland
– Ireland
– China