“This is a simple choice between growing dependency on what has been expensive oil produced by a foreign cartel, or domestic electricity produced by renewable sources whose prices fall over time. Emerging market importers will bring the oil era to an end. A switch to EVs [electric vehicles] in emerging markets would see oil importers alone cut growth in global oil demand by over 70%. Factor in the war on plastics hitting petchem demand and rising EV penetration in developed markets, and it becomes ever more likely that we have seen peak oil demand in 2019.”
20 Nov 2020
(approx)
4
2
Read More
