New York August 25, 2021: Global crude and condensate demand would peak in four years and slump by 40 percent over the next three decades if the world moves to a path outlined by the UN’s Intergovernmental Panel on Climate Change, or IPCC, where global warming is limited to 1.5 C or 2 C degrees, according to S&P Global Platts Analytics.
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Noting the IPCC’s recent report on global warming, S&P Global Platts Analytics said a scenario in which warming is limited at 2 C would see crude and condensate demand collapsing to 50 million b/d in 2050, down from around 99 million b/d expected in 2021, after peaking at 104.5 million b/d in 2015.
