EVs not yet a market force to disrupt oil demand growth

Short-term oil demand is still growing strong and will continue to do so through the end of 2020, a trend taking place despite the market’s increasing focus on electric vehicles (EVs) and the forecasted future plateau in oil demand, according to a new report from IHS Markit’s oil and gas team. Refined product demand growth has averaged 1.2-million barrels a day over the last five years, and current global total liquids oil demand growth is at similar levels to what was recorded during the 2003 to 2007 commodity super-cycle, referred to as the ‘golden age‘ of refining.