Goldman Sachs sees oil demand growing for at least another decade as EV sales disappoint.
Global oil demand is set to grow for at least another decade, according to Goldman Sachs analysts, who see slowing momentum of electric vehicle sales keeping oil product demand robust until 2034. Analysts at the Wall Street bank raised their forecast of oil demand in 2030 to 108.5 million barrels per day bpd from 106 million bpd previously expected, in a report carried by Reuters. Goldman Sachs now expects global oil demand to peak in 2034, at around 110 million bpd.
Most of the world’s global oil demand growth will come from emerging markets in Asia, led by China and India, say the analysts, echoing the views of all other forecasters who expect these two economies to be the top contributors to oil demand growth globally in the coming decade. Separately, Goldman Sachs has recently said in a report that “Sales momentum for electric vehicles EVs is slowing globally, and hybrids HEVs and plug-in hybrids PHEVs are proving more competitive than first thought.
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