Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- Global oil consumption is outpacing expectations this year
- Oil executives gathered in Houston confident on demand outlook
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The world is using more oil than ever and demand is outpacing expectations again this year, raising questions about how soon global consumption will peak.
The unabated thirst for crude contributed to an increasingly confident tone from executives at this year’s CERAWeek by S&P Global conference, the industry’s annual get together in Houston, America’s energy capital. Despite the rise of electric vehicles and renewable energy, many attendees who spoke in interviews or on stage at the event this week said they expect consumption to rise for many years to come, dealing a blow to meeting goals to decarbonize the global economy.