Oil outlook: Demand to peak before 2025 due to shift towards EV adoption
The shift towards electric mobility is likely to cause a peak in oil demand before 2025, and with Venezuela and Iran eventually returning to the market, there could be surplus supplies and lower prices, according to private bank analysis.
In its latest fact sheet on crude oil, Swiss private bank Julius Baer said it was sticking with its neutral view but added that the market could become livelier with prices swinging more wildly going forward.
The bank said it was in the camp of cyclical not structural supply constraints, and had longer-term forecasts below the consensus, at $75 per barrel over a 3-12 month period.
