Oil demand growth to hit zero within a decade, says BoA

According to Bank of America, oil demand could hit a peak and then enter decline by 2030. BoA Merrill Lynch  said that for the next decade or so, oil demand should continue to grow, although at a slower and slower rate.The annual increase in global oil consumption slows dramatically in the years ahead. 

As a main driver of the destruction in demand Boa cites the proliferation of electric vehicles, which growth further depends on key metals such as lithium and cobalt. 

https://oilprice.com/Energy/Energy-General/Bank-Of-America-Oil-Demand-Growth-To-Hit-Zero-Within-A-Decade.html 

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Electricity in the United States is produced with diverse energy sources and technologies

The United States uses many different energy sources and technologies to generate electricity. The sources and technologies have changed over time and some are used more than others.

The three major categories of energy for electricity generation are fossil fuels (coal, natural gas, and petroleum), nuclear energy, and renewable energy sources. Most electricity is generated with steam turbines using fossil fuels, nuclear, biomass, geothermal, and solar thermal energy. Other major electricity generation technologies include gas turbines, hydro turbines, wind turbines, and solar photovoltaics.

Fossil fuels are the largest sources of energy for electricity generation

Natural gas was the largest source—about 32%—of U.S. electricity generation in 2017. Natural gas is used in steam turbines and gas turbines to generate electricity.

Coal was the second-largest energy source for U.S. electricity generation in 2017—about 30%. Nearly all coal-fired power plants use steam turbines. A few coal-fired power plants convert coal to a gas for use in a gas turbine to generate electricity.

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I can see demand destruction but for different reason - collapse of financial system due to gigantic debt deflation or an inflation (if you don't like either, there is stagflation for you).

In absence of it hydrocarbon demand is likely to grow at ~1mm bopd/year. Except production may not be there to meet it. There are very few new finds of conventional oil (reserve replacement ratio is dismal) and while unconventional could be ramp up quickly, it comes with a baggage of fast decline (Red Queen story) and challenging economics - to a point of being called (not my myself) "a Ponzi Scheme".

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