AI‑driven copper demand reshapes global energy and commodity markets

Analysts note that the quality of crude oil, not just volume, determines refinery costs and strategic outcomes, with heavy, sulfur‑rich grades from the Gulf limiting processing options for many refineries. At the same time, the rise of artificial intelligence and the energy transition is shifting the economic centre from oil to metals such as copper, aluminium, nickel and even uranium. Data centres, which will consume over 1,000 TWh of electricity this year—roughly the annual demand of Japan—require massive amounts of copper for wiring and cooling, with a single extra‑large facility using more than 50,000 tonnes of the metal. Prices for industrial commodities have surged by more than 40 % in the past three years, reflecting the new “metal‑centric” growth model that is replacing the traditional oil‑driven paradigm.