{"id":265771,"date":"2024-12-15T08:28:25","date_gmt":"2024-12-15T08:28:25","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/15\/oil-prices-set-for-new-boom-after-2035-on-demand\/"},"modified":"2024-12-15T08:28:25","modified_gmt":"2024-12-15T08:28:25","slug":"oil-prices-set-for-new-boom-after-2035-on-demand","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/15\/oil-prices-set-for-new-boom-after-2035-on-demand\/","title":{"rendered":"Oil prices set for new boom after 2035 on demand"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/221\/22192358.295.jpg\" alt=\"World oil consumption will keep growing until 2050, according to Rapidan\" title=\"World oil consumption will keep growing until 2050, according to Rapidan\" width=\"295\" height=\"166\" \/> <span class=\"image_caption\"><span>World oil consumption will keep growing until 2050, according to Rapidan<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">Oil prices are set for a new boom period from the middle of the next decade on continued demand growth in China and elsewhere, according to consultants Rapidan Energy Group.<\/p>\n<p>\u201cAs expectations of a 2030 peak in global demand recede, the reality of a structurally short supply side will come into view,\u201d the firm founded by former White House official Bob McNally said in a report. \u201cSpare capacity dwindles by 2035 and prices enter a boom cycle.\u201d<\/p>\n<p>World oil consumption will keep growing until 2050 in each of three scenarios based on varying levels of electric vehicle growth, with consuming countries unwilling to accept the downsides of a mass shift to EVs, Rapidan said. <\/p>\n<p>Global gasoline demand will keep growing through to 2035, and even in China \u2014 the core driver of EV sales \u2014 there\u2019s \u201cno end in sight\u201d for consumption of the motor fuel.<\/p>\n<p>Without sufficient investment in new oil supply projects, prices could surge to $150 a barrel, the consultant predicted.<\/p>\n<p>Other forecasters, from Vitol Group and Goldman Sachs Group Inc. to the International Energy Agency, predict that demand will stop growing this decade amid a shift away from fossil fuels.<\/p>\n<p>\u201cIn the near term, producers will have to sweat a few years of weak prices due to oversupply,\u201d as output will remain \u201cstrong\u201d from countries outside the OPEC+ alliance like the US, Brazil and Guyana, Rapidan added. Crude prices are set to decline to $55 a barrel for two or three years, it said. <\/p>\n<p>\u201cThis puts OPEC+ in an unenviable position,\u201d potentially forcing the group led by Saudi Arabia and Russia to sacrifice more market share for several years or let prices drop in order to pressure its rivals, according to the report.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>World oil consumption will keep growing until 2050, according to Rapidan Oil prices are set for a new boom period from the middle of the next decade on continued demand growth in China and elsewhere, according to consultants Rapidan Energy Group. \u201cAs expectations of a 2030 peak in global demand recede, the reality of a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":265772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-265771","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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