More Oil Tidbits

" In the absence of more rapid policy intervention and behavioural changes, longer-term drivers of growth will continue to push up oil demand. As a result, by 2026, global oil consumption is projected to reach 104.1 mb/d. This would represent an increase of 4.4 mb/d from 2019 levels.

All of this demand growth relative to 2019 is expected to come from emerging and developing economies,

The petrochemical industry remains a pillar of growth over the forecast period. Ethane, LPG and naphtha together account for 70% of the projected increase in oil product demand to 2026.

Even if all of Europe mandated that only plug-in vehicles could be sold, starting in 2030, and China followed suit by 2035, that wouldn’t bring about peak oil demand by 2040. According to our research, global oil consumption would keep growing until as late as 2050, in part because so many cars and trucks running on gasoline and diesel – especially in developing countries – will remain in use."…

Today there are 2 million EVs on the road. That is 0.2% of all the 1.2 billion vehicles now on the road.

The EIA baseline projection envisions 140 million electric vehicles on the world’s roads by 2040, or about 7 percent of all passenger vehicles at that point.

Then keep in mind that transport is 26% of oil use… so it’s going to be a long shift away from fossil fuels (Oil) and likely ever increasing use of NG for power backup, home heating, chemical production, plastics, and the 10,000 products they make.