Oil demand is expected to reach a record high in 2024 and then is expected to decline, pushing prices down nearly 20% in 2050 from current levels, according to an analysis by Crédito y Caución published this Monday .
“In the long-term loan insurer’s base case, assuming that the various energy commitments already announced by various countries and governments are met, oil demand will reach its all-time high of 98.1 million barrels per day in 2024.” he concluded.
The credit insurer also said in a statement that, according to the analysis, from 2024, oil demand is expected to “become a steady decline, leading to a price reduction of almost 20% in 2050 compared to current prices.”
In an alternative scenario, with stronger net zero (net zero) action in 2050, prices should fall by 60%.
Thus, the credit insurer predicts that the price of oil will fall to 64 dollars (about 60 euros) in 2030 and to 60 dollars (about 56 euros) in 2050.
“However, in the short term, this general downward trend is subject to a lot of volatility associated with the development of the war in Ukraine and the recovery of China.”
Author: Portuguese
Source: CM Jornal
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.