Slowing demand growth and a battle for market share between Saudi Arabia and the US could see crude oil prices drop significantly by the end of the year.
- High oil prices stimulate more production, low prices less
- Saudi Arabia and the US battle for market share
- Global demand for oil is around 100 million barrels/day
- Electric vehicles (EVs) have destroyed 2 million barrel/day of oil demand
- Globally around 20% of vehicle sales are EVs
- Oil prices could fall to $40-$45/barrel by the end of the year
- Oil demand growth weakest in 16 years
- Low oil price is double-edged sword for chemical markets
In this ICIS Think Tank podcast, Will Beacham interviews ICIS Insight Editor Tom Brown and Paul Hodges, chairman of New Normal Consulting.
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