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Is there consensus about when global oil demand will peak?

Friday, January 29, 2021
By Emanuela Podda Ankrom
NO

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.
This fact brief is responsive to conversations such as this one.
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