{"id":53221,"date":"2020-05-13T07:38:01","date_gmt":"2020-05-13T12:38:01","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53221"},"modified":"2020-05-13T07:38:08","modified_gmt":"2020-05-13T12:38:08","slug":"has-demand-for-oil-already-peaked","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53221","title":{"rendered":"Has Demand For Oil Already Peaked?"},"content":{"rendered":"\n

Has Demand For Oil Already Peaked?<\/a><\/h3>\n\n\n\n

Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen.  But there is a large difference between oil demand rising from recent lows and actually growing relative to pre-COVID-19 trends. In other words, demand destruction on the order of nearly 30 million barrels per day (mb\/d) may have been brief, but we are a long way from a 100-mb\/d oil market. <\/p>\n\n\n\n

In fact, some are wondering whether the world will ever get back to 100 mb\/d of oil demand. Even oil executives have their doubts. Royal Dutch Shell\u2019s CEO Ben van Beurden recently suggested<\/a> that a rebound is unlikely, even looking out beyond 2020. \u201cWe do not expect a recovery of oil prices or demand for our products in the medium term,\u201d he said<\/a>.<\/p>\n\n\n\n

\u201cWe basically have a crisis of uncertainty. Uncertainty about demand, about prices,\u201d van Beurden said in a video address when presenting first quarter results at the end of April. \u201cMaybe even uncertainty about the viability of some of our assets given all of the logistical issues we have.\u201d<\/p>\n\n\n\n

BP\u2019s CEO Bernard Looney largely admitted<\/a> the same thing. The COVID-19 pandemic could entrench certain societal changes \u2013 more teleworking, less commuting, less flying \u2013 that could permanently erode a portion of consumption. \u201cIt\u2019s not going to make oil more in demand. It\u2019s gotten more likely [oil will] be less in demand,\u201d Looney said in an interview with the FT<\/a>. <\/p>\n\n\n\n

\u201cI don\u2019t think we know how this is going to play out. I certainly don’t know,\u201d Looney said. \u201cCould it be peak oil? Possibly. Possibly. I would not write that off.\u201d<\/p>\n\n\n\n

Not everyone agrees. ExxonMobil\u2019s chief executive Darren Woods recently\u00a0said<\/a>\u00a0that the long-term trends \u201chave not changed.\u201d\u00a0<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Has Demand For Oil Already Peaked? Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen.  But there is a large difference between oil demand rising from recent lows and actually growing relative to pre-COVID-19 trends. In other words, demand destruction on the order of nearly 30 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588,589,595,596,607,13669],"class_list":["post-53221","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-demand","tag-oil-production","tag-oil-supply","tag-pandemic","tag-peak-oil-demand"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53221"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53221\/revisions"}],"predecessor-version":[{"id":53222,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53221\/revisions\/53222"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}