Saudi Aramco prospectus: oil demand will peak around 2035

According to the assessment of Saudi Aramco's prospectus, global oil demand is likely to peak in the next 20 years, which reflects the gradual change of views within Saudi Arabia. For a long time, officials believe that the expectation of oil demand peaking is overstated Saudi Aramco did not provide its own assessment, but quoted the forecast of IHS Markit Ltd., an industry consultant, which believed that oil demand would peak around 2035. At that time, the demand growth of crude oil and other liquid oil will "tend to be stable". In the attached chart, Saudi Aramco shows that the global oil demand in 2045 will be lower than that in 2040 the unprecedented prospectus released on Saturday night gave a view on Saudi Aramco's financial performance, strategy and business risks. However, it does not include the number of shares the government plans to sell or the target price range. It is expected to be released on November 17 although Saudi Aramco does not explicitly endorse the above demand forecast, the inclusion of the 658 page document will attract the attention of global investors. According to the company's directors, the data provided by industry consultants is "reliable" The second scenario in the prospectus assumes that the rate of withdrawal from fossil fuels will become faster, leading to peak oil demand in the late 2020's As early as February, Amin Nasser, Saudi Aramco's chief executive, dismissed concerns about the rise of oil substitutes as "not based on logic and facts" and "mainly due to pressure and speculation." A year ago, at an industrial event in Houston, Nasser said he didn't lose sleep because of expectations that oil demand would peak. " Up until two months ago, Khalid faliher, Saudi oil minister, was dismissive. He said in 2017 that the peak demand among energy industry executives, analysts and activists was "misguided".