11/19/2022 0 Comments Country heat on demand![]() ![]() US tight oil also grows over the next 10 years or so in BAU offset by declining OPEC production. By 2050, non-OPEC supplies account for around two-thirds of the total decline in liquids supply in Rapid. ![]() Thereafter, OPEC production broadly stabilizes as declines in global demand are broadly matched by falls in US tight oil and other non-OPEC supplies. Demand for liquid fuels continues to grow in India, Other Asia and Africa, offset by the trend decline in consumption in developed economies.ĭespite the weakness in oil demand, US tight oil* in Rapid recovers from the impact of Covid-19 and expands until the early 2030s, with this increase in output more than offset by falls in OPEC production. In contrast, after recovering from the impact of Covid-19, the consumption of liquid fuels in BAU is broadly flat at around 100 Mb/d for the next 20 years, before edging lower to around 95 Mb/d by 2050. The falling demand is concentrated in the developed world and China, with consumption in India, Other Asia and Africa broadly flat over the Outlook as a whole in Rapid, but falling below 2018 levels from the mid-2030s onwards in Net Zero. The consumption of liquid fuels falls significantly over the Outlook in both scenarios, declining to less than 55 Mb/d and around 30 Mb/d in Rapid and Net Zero respectively by 2050. ![]() The demand for liquid fuels in Rapidand Net Zero never fully recovers from the fall caused by Covid-19, implying that oil demand peaked in 2019 in both scenarios. The global market for liquid fuels (oil, biofuels and other liquids) transitions as oil demand peaks and supplies shift. ![]()
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