Posted 12/12/2023, 6:16:00 PM
Emerging Market Oil Demand to Offset Supply, Keep Prices Up: JPMorgan
- We won't see peak oil demand in our lifetime due to hidden demand from emerging markets, says JPMorgan's top energy strategist
- This demand is underestimated and will outpace supply, leading to market tightness in coming years
- Contrasts with International Energy Agency's prediction that fossil fuel demand will peak this decade
- US oil production has helped keep prices down but can't offset emerging markets demand growth long-term
- Sign of eventual market tightness will be when Saudi Arabia and OPEC add more volume to meet demand