Understand what you need to watch in the oil market out to 2040, including:
- Why we think US supply will reach a higher peak next decade than previously expected
- How the growth of electric vehicles will impact demand
- What’s happening in Iran and Venezuela, and how increased political risk will affect supply
- How does the market plan to fill the 15 million b/d supply gap we expect by 2025?
What’s changed since our last report?
We’ve revised the forecast for non-OPEC suppy upward significantly, with the largest revision to the US Lower 48, where tight oil continues to outperform. We’ve also revised up the peak in US Lower 48 crude oil production and made changes to our Brent oil price outlook.
This report comes with charts and datasets, including this one, which forecasts the number of electric vehicle sales by region out to 2040.