Peak Global Oil Consumption Predicted by Experts

According to the draft master plan for the development of the Russian oil industry until 2035, global oil consumption may peak in the next 10-15 years as the consumption of hydrocarbon vehicle fuel will decrease.

The authenticity of the document was confirmed to TASS on 8 April by an industry source. In particular, it follows from the document that growth or decline in demand for liquid hydrocarbons is critical for the oil market as a whole. “Therefore, it is the change in consumption of petroleum products in the segment of road transport that can make a significant contribution to the slowdown in global oil consumption and can lead to a global peak in oil demand already in the next 10-15 years,” the test specifies.

Last year, consumption of petroleum products in the automotive sector declined to 38.1 million barrels per day due to the coronavirus pandemic. But the segment continued to dominate the overall consumption mix. The rapid development of the electric vehicle market in the long term will also have an impact on automotive fuel consumption.

Earlier, the multinational oil and gas company British Petroleum prepared a report Energy Outlook BP 2020, in which it forecasted the development of the energy industry until 2050. The company’s experts stressed that the oil industry will either return to its pre-crisis state in a few years or never return.

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