We shall see
@ABMax24, we shall see. Pre-virus, there were plenty of forecasts for a global demand peak in 2022, or 2025, with most of the oil majors themselves conceding the peak is baked in before 2030. And that was assuming $60 oil. Its not hard to imagine a lower demand, $40 world where OPEC+ can keep their budget lights on with a little currency devaluation, and the US tight oil crew is a shadow of its former self.
And while the developing world is where a lot of that future demand was supposed to be, it remains to be seen if they'll have as much money for that projected new fleet of cars in the next 3-5 years, given that a lot of the West will be rehoming their supply chains.