Peak oil demand getting closer? … WEC via Bloomberg

October 17, 2016 by Jim Colburn Leave a Comment

Bloomberg reports on a World Energy Council’s paper that peak oil demand is getting closer:

“If rapid improvements continue in renewable energy, electric vehicles and other disruptive technologies, petroleum consumption will peak in 2030 and decline thereafter, according to a report from the World Energy Council.”

Here are their scenarios:

And on Saudi policy:

“The kingdom has announced some long-term plans to diversify its economy away from oil, “but in a scenario where demand growth peaks sooner, pressure to do this will intensify,” said Carsten Fritsch, an analyst at Commerzbank AG.”

http://www.bloomberg.com/news/articles/2016-10-16/what-opec-s-oil-u-turn-missed-peak-demand-keeps-getting-closer-iud8k6o5

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