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Report Says Oil Demand Will Peak in 2036
Global demand for oil will peak in less than 20 years, thanks to a “tectonic” shift to electric and autonomous vehicles, predicts Wood Mackenzie Ltd.
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Global demand for oil will peak in less than 20 years, thanks to a “tectonic” shift to electric and autonomous vehicles, predicts Wood Mackenzie Ltd.
The Edinburgh, U.K.-based energy consultancy says the gasoline market will be the first to plateau in about 2030. The subsequent decline in petroleum for that purpose will be partly offset by growth in petrochemicals.
The forecast says the U.S. will become the world’s largest national oil producer by about 2025, with output peaking at more than 11 million barrels per day at the end of the decade.
Production by the Organization of the Petroleum Exporting Countries will cover and expected decline in contributions by countries outside OPEC. But a global decline in overall demand means the cartel’s output will plateau by about 2030 before also shrinking.
Wood Mackenzie notes that investment in the oil industry, which fell 50% when oil prices plunged two years ago, has rebounded. The firm predicts a generally flat investment pace to 2030 by producers outside the U.S.
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