Peak Oil Demand ‘Very Real’ As Growth Moves Off Road – Woodmac

Peak Oil Demand ‘Very Real’ As Growth Moves Off Road – Woodmac

Signs of peak oil demand are already surfacing as the world’s thirst for road fuels like gasoline flatlines from 2030, but demand for plastics booms, consultancy Wood Mackenzie said in a report on Monday.

It warned that transportation fuel demand, which currently accounts for nearly two of every three of the some 96 million barrels per day (bpd) of oil consumed worldwide, will start to flatline by 2030, as fuel efficiency and electric cars cut into consumption.

“Overall, the signs of peak oil demand really are there into the future. It’s a question of when, not if,” Wood Mackenzie chief economist Ed Rawle said. Read More…

Leave a Reply

Your email address will not be published.