Demand for oil is expected to peak a decade from now as lackluster electric vehicle sales and rising global incomes keep interest in fossil fuels high for the time being, according to aIf EV adoption is slower than the base forecast, oil demand could keep increasing towards 113 million barrels a day by 2040, according to the report.
The U.S. is the world’s top oil producer and consumer of oil. We account for about a fifth of the world oil market. Any increases in demand over the next decade or so should be driven by developing countries, specifically in Africa and Southeast Asia, Hirs said.
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