What are the two sectors driving the future of oil demand

The two sectors driving the future of oil demand are chemicals and aviation.

Despite an overall projected decline in global oil demand by 2050, the chemicals sector is expected to account for over a third of the nearly 10 mb/d growth in total oil demand projected for 2030

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The demand for oil in the chemicals sector is rising due to increased usage in the production of plastics and other materials

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Similarly, the aviation sector is foreseen to sustain oil demand growth

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particularly in scenarios where decarbonization options are not yet cost-competitive or feasible

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chemicals and aviation could account for almost 50 percent of global oil demand, compared to around 22 percent today

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