The minister also said that electric cars, which will be a factor in the fall in demand for motor fuel, will provide opportunities for the Kingdom’s chemical and aluminum industries. This will keep demand for energy high.
Will oil demand peak soon? Here is the view from Saudi Arabia
RIYADH: Many of the chief executives of the world’s biggest oil companies see peak in demand for oil looming. This peak may happen, arguably, in only 20 years. However, for Saudi Arabia, the picture is rosier than this.Last week, the Saudi Crown Prince Mohammed bin Salman said during a panel at the Future Investment Initiative forum in Riyadh that he sees demand growing in the years 2030 to 2040.There will be new areas for oil demand in the future from compound industries and new forms of petrochemical industries that will use oil differently from the conventional way.