In a recent report, the EIA predicts that plastics and other petrochemical products will drive global oil demand to 2050, and developing economies like India and China will be behind the growth.
Petrochemicals are expected to account for more than 30% of global oil demand growth in the next decade and nearly half of demand growth by 2050.
While plastics and other such products accounted for 12 million barrels per day (bpd), or about 12% of total oil demand last in 2017, this figure is estimated to surge to almost 18 million bpd in 2050.
Oil giants like Exxon Mobil and Royal Dutch Shell, as well as key players like Saudi Arabia and Kuwait, are counting on the increased demand, and are investing in petrochemical plants.
These efforts, especially led by Europe, Japan and Korea, will be outweighed by the sharp increase in developing economies of plastic consumption.
RT.com / ABC Flash Point News 2018.