Rystad Energy sees global oil demand peaking over the next three to four years due to ample supply coming from the United States.
Oil demand growth will peak soon, pushing prices lower, Rystad Energy has forecast, seeing Brent crude fall to some $60 per barrel in 2027. 'Demand is peaking,' Claudio Galimberti, the head of North America Research at the Norwegian consultancy, said this week, as quoted by Reuters. 'We anticipate prices to taper off in the next three to four years, primarily due to ample supply.
“By nature, most of us will just say ‘let’s stay disciplined. Let’s keep our production flat’,” Muncrief also said. Indeed, EIA production figures support this perception, with the agency forecasting a decline in shale oil output this month, even though overall production had been growing throughout the year. This growth, however, has been slower than it used to be during the boom years in shale, prompting many observers to talk about peak shale.
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