A Tale of Two Forecasts: OPEC and Rystad Energy Provide Diametrically Opposite Oil Demand Views

I’ve long held a great deal of respect for Rystad Energy and the various analysis reports it publishes each year. Thus, it was with some surprise that I read quotes from one of the company’s analysts that its new view on the direction of demand for crude oil is essentially in line with that of the International Energy Agency, i.e., that global demand will “peak” later in this decade.

"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."