Goldman Follows IEA With Revised Bullish Outlook on Oil Demand

Goldman Sachs Group Inc. sees global oil demand growth rising for longer than previously expected on robust energy demand, just days after the International Energy Agency tempered its stance on an imminent peak.

Oil demand will grow to 113 million barrels a day in 2040, up from 103.5 million in 2024, analysts Yulia Grigsby and Daan Struyven wrote in a note on Thursday. The bank last year predicted a peak by 2034, but also flagged the potential for growth topping out six years later on slow electric-vehicle adoption.