Despite all those EVs, the demand for oil keeps on growing

The International Energy Agency thought that global petrol demand had peaked in 2019. Now we know better. (Image: Bloomberg)

Bloomberg

Sat, 18 May 2024

By Javier Blas Like clockwork, the commodities market worries each May about the strength of oil demand heading into the northern hemisphere summer holiday. Nervousness about the seasonal pickup in oil consumption abounds. It happened in 2023, and it’s happening again this year. But as before, traders’ concerns are misplaced: oil demand growth is doing just fine. The anxiety is reflected in the price of Brent crude, the global oil benchmark, which has dropped to less than US$85 (NZ$139) a barrel in recent days, down f...

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