Global demand from the transportation industry for crude oil is set to peak in the late 2020s, according to a note by Wood Mackenzie, a sentiment which chimes with other analysts and major oil firms. WoodMac said the move would be driven by growing adoption of electric vehicles, set to increase when battery prices fall to $below US$200/kWh/kWh, improved efficiencies from internal combustion engines and consumer preferences, which has led the oil industry's wider exploration of crude-oil-to-chemicals technologies. In particular, many refineries and oil producers are exploring olefins and aromatics, according to Steve Zinger at WoodMac.
Global demand from the transportation industry for crude oil is set to peak in the late 2020s, according to a note by Wood Mackenzie, a sentiment which chimes with other analysts and major oil firms. WoodMac said the move would be driven by growing adoption of electric vehicles, set to increase when battery prices fall to $100/kWh, improved efficiencies from internal combustion engines and consumer preferences, which has led the oil industry's wider exploration of crude-oil-to-chemicals technologies. In particular, many refineries and oil producers are exploring olefins and aromatics, according to Steve Zinger at WoodMac.