Wood Mackenzie has highlighted that under its Accelerated Energy Transition Scenario (AET-2), oil demand will drop significantly, and with it, oil prices. Wood Mackenzie has highlighted that under its Accelerated Energy Transition Scenario (AET-2), oil demand will drop significantly, and with it, oil prices. Within the company’s AET-2 scenario, oil demand begins to drop in 2023. Soon after, the company says the decline accelerates to year on year falls of two million barrels per day, reducing demand to about 35 million barrels per day by 2050. Consequently, by 2030 Wood Mackenzie said it would expect Brent crude prices to average $40 per barrel, down from the $60 to $70 per barrel range the industry is experiencing currently. By 2050, Brent may slide to between $10 and $18 per barrel, Wood Mackenzie outlined. Under AET-2, OPEC has an oil market share of more than 50 percent by 2050, but less […]