Slowing demand growth and a battle for market share between Saudi Arabia and the US could see crude oil prices drop significantly by the end of the year. 

-          High oil prices stimulate more production, low prices less

-          Saudi Arabia and the US battle for market share

-          Global demand for oil is around 100 million barrels/day

-          Electric vehicles (EVs) have destroyed 2 million barrel/day of oil demand 

-          Globally around 20% of vehicle sales are EVs

-          Oil prices could fall to $40-$45/barrel by the end of the year

-          Oil demand growth weakest in 16 years

-          Low oil price is double-edged sword for chemical markets

 In this ICIS Think Tank podcast, Will Beacham interviews ICIS Insight Editor Tom Brown and Paul Hodges, chairman of New Normal Consulting.