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Crude price likely to be $90-$95 a barrel by end of this year; next year, maybe a litle lower at $75-85: Dr Fereidun Fesharaki

Oil
  •   Article by:
  •   Date Published: April 04, 2024
  •   Who was cited: Dr. Fereidun Fesharaki, Chairman - FGE
 
Dr Fereidun Fesharaki, Founder & Chairman, FGE, Singapore, says there is at least 10 more years of growth in the gasoline sector. The EVs are stories of the 2030s, they are not stories of the 2020s. The gasoline demand peaks first and falls quite strongly, diesel demand will be a pretty flat, slight decline, the demand for jet fuel continues to grow. The demand for NAFTA, for petrochemicals continues to grow. So, the oil complex, everything combined, probably peaks in the mid-2030s and it drops by about 400,000-500,000 barrels per day every year. But that means by 2045, our demand will be about the same.

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