Oil’s extended reign? Adapting to a new era in oil markets

This podcast episode explores the current state of the oil market and the future of oil demand. It discusses the ongoing tension between the transition to renewable energy and the persistent reliance on oil, highlighting the recent volatility in oil prices driven by geopolitical factors, inventory builds, and OPEC's efforts to balance the market. The episode also delves into long-term oil demand forecasts, predicting a peak in demand around 2034 and continued growth thereafter. The potential impact of the increasing penetration of electric vehicles on oil demand is explored, with projections suggesting that oil demand can still grow in the coming decade. The expected growth in oil demand from the petrochemical sector and jet fuel in China, as well as the electrification of motorbikes and cars in India, is also highlighted. The episode concludes with discussions on the refining system, its implications on consumer prices of oil products, and the potential impact of interest rates and a stronger dollar on oil prices.