McKinsey & Company provides an answer. Demand for light products such as gasoline, diesel/gasoil, and jet/kero largely drives refinery utilization. Even in the case of a delayed energy transition, light product demand will plateau by the middle of this decade. So concludes global consultancy McKinsey & Company in its new report “Global downstream outlook to 2035.” According to the research, light product demand will fall by 2.8 million barrels per day (bpd) from 2019 levels by 2035, assuming current trends. If the energy transition accelerates, the demand decline during the period will be a more dramatic 11.7 million bpd, McKinsey predicts. The consultancy foresees a particularly sharp drop in light product demand in Europe and North America, but it points out the one region – Africa – could actually see demand grow by 1 million bpd by 2030 under a delayed energy transition. McKinsey noted that it attributes the […]