Oil: demand for plastic will support consumption in the next decade

Posted on Oct 13, 2020 at 5:19 PMUpdated Oct 13, 2020 6:28 PM

The question that has puzzled the oil planet for years has taken on new importance with the health crisis. Will global crude consumption eventually decline? When and in what proportions? New forecasts from the International Energy Agency (IEA), released on Tuesday, have somewhat dampened the hopes of environmental activists. “The era of growing oil demand will come to an end in the next ten years, said Fatih Birol, the director general of the agency. But without major policy changes, it is still too early to predict a rapid decline. “

The year 2020 will have been marked by an unprecedented decline: consumption of black gold will decline by 8% compared to last year, estimates the IEA in its “World Energy Outlook”. The collapse of land, sea and air transport has caused fuel consumption to drop, but will these behavioral changes be sustainable? It is the 100 million barrels question that is the subject of a “Vigorous debate”, observes the report. The answer will depend on the pace of economic growth, the development of teleworking or the resumption of air travel.

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