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Goldman Sees Oil Demand Peak in Transportation 5 Years Out

  • Bank cites EV adoption as key driver in the energy transition
  • Petrochemicals will become new ‘baseload’ for oil use
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Add Goldman Sachs Group Inc. to the list of forecasters calling for oil demand to peak sooner rather than later.

The bank brought forward its forecast for peak oil demand in the transportation sector by one year to 2026, if not sooner, largely due to the accelerating adoption of electric vehicles. Overall crude consumption will keep expanding this decade due to jet fuel and petrochemicals, but growth will be at an “anemic” pace past 2025.