Fueled by the rising prevalence and adoption of artificial intelligence (AI), global energy demand to support these power-hungry platforms is increasing rapidly, as well. A Goldman Sachs (GS) report forecasts a 160% surge in data center power needs by 2030. Similarly, a World Economic Forum study suggests AI could consume more power by 2028 than Iceland used in 2021, highlighting the potential strain on energy resources.
Beyond AI, energy demand should catch a boost from the “revenge travel” trend, as JPMorgan's (JPM) commodity analysts are forecasting that demand for crude (CLQ24) and products will surge by 3.5 million barrels per day (mbd) and 2.4 mbd, respectively, between April and August.
