IEA Report Offers Succour To Gulf Refiners’ Petchems-Focused Strategies

Gulf NOCs have put petchems at the heart of their downstream strategies. The latest IEA forecast suggests this is a prudent approach.

Global oil demand is expected to grow by 12% from almost 95mn b/d in 2017 to over 106mn b/d in 2040, according to the latest annual forecast from the International Energy Agency (IEA). This is an increase on its previous outlook, which pegged 2040 demand at 104.9mn b/d.

The agency’s World Energy Outlook 2018, published this week, says the upward revision in the demand forecast in its key New Policies scenario – in which all planned energy legislation changes announced to date are implemented – is “largely because of faster near-term growth and changes to fuel efficiency policies in the US” after President Donald Trump canceled Obama administration fuel efficiency targets. (CONTINUED - 857 WORDS)

DATA INSIDE THIS ARTICLE

chart World Oil Demand 2010 To 2040 (Mn B/D): Petchems Growth Leads The Way
chart 2017-40 Growth