PEAK OIL DE­MAND COULD HIT IN 2024: GOLD­MAN SACHS

National Post (Latest Edition) - - FINANCIAL POST -

Global oil de­mand could peak as early as 2024 if there are more ef­fi­ciency gains in ve­hi­cles, greater mar­ket pen­e­tra­tion by elec­tric cars, lower eco­nomic growth and higher fuel prices, Gold­man Sachs said Mon­day. Eco­nomic ex­pan­sion in emerg­ing mar­kets — led by In­dia — may stave off reach­ing a peak un­til 2030, al­though de­mand growth will still slow over the next decade given im­prov­ing mileage in cars and trucks and the greater use of elec­tric ve­hi­cles, the in­vest­ment bank said. The global elec­tric fleet, for in­stance, is ex­pected to grow more than 40-fold to 83 mil­lion ve­hi­cles by 2030, from 2 mil­lion in 2016, the re­searchers said. “In our ex­treme case, we project peak oil de­mand in 2024,” the Gold­man an­a­lysts said.

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