Petrochemicals Are Big Oil’s Next Big Profit Hedge ...Middle East

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Petrochemicals Are Big Oil’s Next Big Profit Hedge
source : OILPRICE ( Middle East ) () 43
The ongoing electrification drive and the EV revolution have elicited dire forecasts about the imminent demise of the nearly two-century old oil & gas industry. Last year, Bloomberg predicted that global demand for road fuel will peak in 2027 at an all-time high of 49 million barrels per day before entering terminal decline. Bloomberg says that rapid adoption of electric vehicles, shared mobility and ever-improving fuel efficiency are the biggest bear catalysts for oil, with EVs expected to displace a staggering 20 million barrels…

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