Long-Term Pressures Reducing Oil Demand
A prolonged period of high oil prices incentivized large industrial consumers to seek methods for reducing their oil consumption. Concurrently, external factors, such as concerns about climate change and budgetary limitations, prompted a shift in preferences toward cleaner fuels. These dynamics, particularly potent in the electricity generation and transportation sectors, have contributed to a consistent slowdown in the growth of oil consumption, a trend especially apparent since 2015.
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