The prospect of “peak demand” for oil – an end to growth in global consumption – has been discussed in the energy industry for many years, without apparently coming much closer. But some of the world’s leading oil companies now see peak demand and sustained lower crude prices as a risk that they need to prepare for. Royal Dutch Shell has suggested the peak could come as early as the late-2020s. Statoil believes it could be between the mid-2020s and the late-2030s. Not everyone agrees. The International Energy Agency, the watchdog backed by rich countries, thinks that unless there is much more intensive action by governments to tackle global warming, oil demand is likely to continue to grow out to 2040 and possibly beyond.
FT 15th March 2017 read more »