A questions and answer session with Oil and gas expert Brad Updike, who manages the energy and tax practice at Mick Law.
How durable is global oil/gas demand?
Oil demand is durable but will plateau, with projections anticipating consumption to stay near current levels through 2040–2050 (100 million to 105 million barrels per day). While rapid electric vehicle (EV) adoption and energy transitions threaten to peak consumption, demand is supported by developing nations in Asia and Africa, as well as long-term growth in aviation, shipping and petrochemicals. Thus, OPEC and the IEA predict modest consumption growth for oil (to 113 million to 123 million barrels per day) before demand plateaus in 2050. Different fundamentals exist for natural gas, as LNG exports, data centers and EVs are expected to push U.S. consumption from 110 billion cubic feet per day now to about 125 billion to 130 billion cubic feet per day in 2030. As such, we’ve seen market pric
