The energy transition and the growing share of electrification of transportation will not lead to a fast decline in global oil demand—any drop in consumption will be very gradual, Argus analysts said at the Argus Crude forum during the IPWeek conference on Tuesday. The trend of world oil demand will be a “tug of war” between increased efforts at green recovery and electrification in Europe, the United States, and China to some extent, versus growing oil demand amid strong economic growth in emerging economies, according to Euan Craik, global head of oil at Argus. Argus expects global oil demand to be just below 100 million barrels per day (bpd) by 2040—roughly the level of consumption in the last ‘normal’ year before the pandemic, 2019. “It is worth noting that this is really in line with the levels we just came from in 2019, so it will be a very […]