- Data indicates that future demand for oil and gas is UNDERESTIMATED, while demand destruction is HYPED.
- Global energy demand is increasing, making decarbonization more difficult to achieve, and the process of replacing fossil fuels slower.
- Despite massive spending on renewables in the last two decades, fossil fuels remain the dominant source of energy in the world, even in Europe.
- Coal remains the dominant source of electricity in India and China.
- Oil is rarely used in power generation in the OECD, China, and India. Doubling or tripling solar and wind energy sources will have a very limited impact on oil demand. However, the failure of renewable energy, and consequent power shortages, will have a significant impact on oil demand.
- As LNG prices reached a record high in 2022, oil use in power generation increased. The level of substitution among various energy sources last year was unprecedented.
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