Global oil demand may have peaked in 2019: Moody’s

New Delhi: Global oil demand may have peaked in 2019 as Covid-19 has heightened the risk that behavioural changes such as working and shopping from home may be long-term trends, while renewable energy and electric cars are rapidly reducing the use of fossil fuels, Moody’s said in a research report.

Renewable energy and car sales have expanded in some of the biggest economies even during the pandemic, while transportation demand for fossil fuels will remain muted, which puts a question on the outlook for oil demand and the viability of new projects, it said.