Demand for oil is expected to reach an all-time high in 2024, and is expected to decline thereafter, bringing prices down by almost 20% in 2050, compared to current levels, according to an analysis by Crédito y Caución, released today, 14th March.
“In the reference scenario of the long-term credit insurer, which assumes that the various energy commitments already announced by the different countries and governments will be fulfilled, the demand for oil will reach its historical maximum of 98.1 million barrels per day in 2024”, he concluded.
In a statement, cited by Lusa, the credit insurer also said that, according to the analysis, from 2024 it is expected that the demand for oil “will decrease steadily, which will bring prices down by almost 20% in 2050 compared to current prices”.
In an alternative scenario, with a more decisive action regarding zero net carbon emissions (‘net zero’) in 2050, the drop in prices should reach 60%.
Thus, the credit insurer predicts that the price of oil will fall to 64 dollars (about 60 euros) in 2030 and to 60 (about 56 euros) in 2050. “In the short term, however, this general downward trend
is subject to high volatility stemming from war developments in Ukraine and China’s recovery,” he said.
