-
BofA: Oil Demand Growth Has Peaked
Global oil demand continues to rise and will keep increasing for years, but the annual rate growth may have already peaked, according to Bank of America. Electrification of transport, energy efficiency, and slower economic growth would all combine to cap the growth rate in the coming years as demand growth is returning to more moderate levels from before the Covid slump. In the three years following the pandemic hit to demand, global oil consumption saw a strong rebound as economies reopened and people returned to their typical ways of travel and consumption. At the height of the pandemic gloom about demand, many ... (full story)