BAKU, Azerbaijan, February 26. Jarand Rystad, founder of the prominent European analytical firm Rystad Energy, says that two-thirds of the world's oil-dependent economic spheres have already reached the peak levels of consumption of black gold and curtailed its use, Jarand Rystad's research publication says, Trend reports.
Rystad Energy, an analytical company, was founded 20 years ago
in Norway, one of the world's top five hydrocarbon producers.
Its research focuses on fuel and energy complexes, as well as
"green energy" from various places throughout the world.
"Energy, construction, agriculture, rail, industry, bus services, and personal transportation are segments where fewer and fewer oil derivatives are used," Rystad says.
According to him, road and sea freight transportation is close to reaching its peak consumption of petroleum products, which may be followed by a decline after a certain period.
Rystad believes the long-term use of refined products will be in aviation, petrochemicals, asphalt production, and lubricating oils.
"In aggregate, the analysis shows that global consumption of oil and refined products will plateau in 2025–30 and then decline. This could contribute to meeting the world's climate goals," the founder of Rystad Energy notes.
He believes global oil consumption in 2024 could reach 105 million barrels per day, and oilfield service companies will be operating at full peak capacity.
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