Oil demand and EV shift will reduce 13.7 million barrels a day by 40 years = City

[Singapore 10th Reuters]-Edward Mohs, Global Head of Citigroup Research, will reduce oil demand by 13.7 million barrels a day by 2040 due to a global shift to EV The view that there is a possibility to do.

He pointed out that the amount of decline is “higher than the total consumption of the Middle East, Africa and Latin America in 2018”. Remarks at an oil industry meeting held here.

“The demand for transportation fuels is threatened by the adoption of motors and tightening environmental regulations, but the petrochemical sector is expected to drive oil demand growth in the future,” Mos said. The demand for plastic parts overtook the demand for all other bulk materials in 20 years.

According to Mohs, the International Energy Agency (IEA) expects demand for petrochemical feedstock to increase by 5 million barrels a day by 2040, accounting for more than one-third of the increase in oil demand by 30 It is said that it will be nearly half of the increase in oil demand in the period up to 50 years.

As a basic scenario, Citigroup expects oil demand in 2019 to increase by 940,000 barrels per day and increase by 1.70 million barrels in 20 years. The assumption is that global trade growth will be 2.5%.

Mr. Morse said that if trade growth is zero percent, the increase in oil demand next year may be as much as 730,000 barrels.