In a striking contrast to “peak oil” fears just a little over a decade ago, the oil industry, according to a new study by BP, may have seen “peak demand” of around 100 million barrels a day in 2019. In all three of BP’s three projected scenarios, it’s downhill from there, demand falling to 55 million barrels daily by the next decade–never to reach pre pandemic levels. The reason: electric vehicles are quickly becoming the new standard. Another term for this: creative destruction, with the oil industry on the receiving end of a severe, possibly terminal, disruption.
Should any of BP’s forecasted scenario’s pan out, the impact will be global; their potential effect on countries that rely on oil revenue…potentially devastating.
In our view, the best case scenario–”business-as-usual”–sees potential resistance at  between the 62.00 and 75.80 range. Near-term resistance stands at 43.00. Near-term support is at 36.00.
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