Global oil demand to grow longer: Goldman Sachs

Goldman Sachs expects global oil demand to remain strong for a longer period than previously projected, supported by robust energy demand.

However, the bank cautioned that long-term forecasts carry significant uncertainty due to risks from rapid advances in emission-reduction technologies and potential economic slowdowns.

In a note, the US bank’s analysts said oil demand could rise to 113 million barrels per day by 2040, up from 103.5 million in 2024, revising last year’s forecast that anticipated peak demand by 2034.

The bank added that significant progress in carbon-reduction technologies is not expected. Even if road transport fuel demand peaks, it expects a prolonged stability after 2030, with liquefied natural gas trucks unlikely to expand outside China.

Goldman Sachs noted that the petrochemicals sector will become the main driver of oil consumption after an extended plateau in road transport demand, with strong contributions from the aviation sector.