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Peak demand for oil in 2022: New refinery capacities to come up only in India and Sub Saharan Africa
Oct 03: Global refinery oil demand will reach a high by 2022 at only 2% above 2017 levels, followed by a 39% decline by 2050, due largely to significantly reduced transport sector oil demand.
8This is driven largely by changes in the transport market, resulting from a shift to electrifying domestic and commercial transport, and the increased efficiency of next-generation engines fuelled by petroleum and diesel.
8Demand will go up in other parts of the world but not by enough to make up for the decline among major consumers.
8The only regions of the world where refinery capacity will go up are in India and Sub Saharan Africa. These places will see scalable and operationally flexible capacity coming up.
8It is imperative for policy planner to read this report before embarking on breakneck expansion plans.
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