Related Articles
Most refinery margins turn negative by 2050 under the scenario
Forward article link
Share PDF with colleagues

Oil prices to crash in 2°C world – Wood Mackenzie

Mass electrification of the transport sector will lead to dramatically falling levels of oil demand

Brent oil prices will fall to $40/bl by 2030 and below $18/bl by 2050 if the goals of the Paris Agreement are met, according to a new scenario released by consultancy Wood Mackenzie. Under the scenario—called the Accelerated Energy Transition (AET)—the transport network is rapidly electrified; the power sector is largely decarbonised; carbon capture, utilisation and storage (CCUS) locks away 5bn t CO₂ by 2050; and 380mn t/yr of low-carbon hydrogen is produced by the same date. As a result, oil demand begins to drop rapidly after 2023, falling from 96mn bl/d currently to 35mn bl/d by 2050. 47pc – Energy demand met by electricity in 2050 Gas demand remains resilient at current

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Schlumberger pivots portfolio towards net zero
25 June 2021
Firm sets aggressive new 2050 decarbonisation promise with rare scope three emissions detail
Maine makes state fossil-fuel divestments a point of law
25 June 2021
Other US states expected to follow Maine’s lead, especially heavily Democratic ones on east and west coast
Brazil solar PPA demand rises ahead of grid rule change
24 June 2021
Lisarb Energy sees spike in interest from corporate offtakers to lock in contracts before rise in grid costs for solar projects
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video