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G Sachs Revises Up Global Oil Demand Forecast in Absence of Major Breakthrough in Low-Carbon Tech
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Due to robust energy demand, the growth in global oil demand will last longer than previously expected, in Goldman Sachs' view. It is projected that oil demand will elevate from 103.5 million bpd in 2024 to 113 million bpd by 2040. Previously, Goldman Sachs had expected oil demand to peak in 2034. Goldman stated that the bottleneck in the development of low-carbon technology and infrastructure, compounded with growing energy demand, are the main reasons for adjusting the oil demand forecast. Meanwhile, petrochemical products will be a key driver of oil demand, with the aviation industry also making a evident contribution. However, Goldman also warned that there is high uncertainty in long-term oil demand forecasts, which are often subject to sharp revisions under the accelerated development of low-carbon technology and the risks posed by potential economic recessions. AASTOCKS Financial News Website: www.aastocks.com |
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