Oil bulls predict demand for oil will snap back quickly as global economic conditions improve. The International Energy Agency (IEA), on the other hand, expects a more muted recovery. Not surprisingly you can find any demand forecast needed for either the bull or bear case. And that’s just for short term price and demand forecasts. Longer term demand forecasts have to reckon with negative factors like the rise of electric vehicles including cars, trucks and buses as well as and the nudges of environmental-social-governance (ESG) investing. In addition, the industry faces risks from changes in government policies and competition from even newer technologies. But if we’re looking for positive demand surprises, economic growth in emerging economies in Africa or Asia could accelerate and suddenly require large increments of fossil fuels in the process (Remember China?). We won’t offer our own demand forecast to compete with those from OPEC, IEA, […]