Energy analysts, oil companies and oil-producing nations have varying views about when the world will reach “peak oil demand,” after which oil consumption would permanently decline. Most think it's not that far away, though.
- Industry analysts at S&P Global say the late 2030s.
- Analysts at Rystad Energy have called it for 2028.
- BP, one of the biggest oil companies, contends that the world has already reached “peak oil.”
- The International Energy Agency predicts that oil demand will likely plateau by 2040.
- OPEC predicts that global oil demand will increase overall through 2045, with growth being fueled by fast-developing economies like China and India.