The oil industry is no stranger to decline.
But next time it could be permanent. The oil industry has gritted its teeth and suffered through the past few years, emerging with heads held high and looking to the future. But disruption lies ahead; a daunting prospect for buyers and sellers alike. We have already witnessed the rise of renewable energy which has brought about a shift in the market. So what does all this change mean for oil demand and the future of the industry?
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Watch the video conference
Our Chief Analyst in Edinburgh and our Chief Economist in Houston discuss the impacts of peak oil demand
Electric vehicles - just the beginning?
Of the 96 million barrels of oil consumed globally each day, almost 60 million are used in transport. However, technological advances, both in fuel efficiency and the move to hybrid and electric vehicles, look set to disrupt demand. Watch our analysts discuss electric vehicle growth by region:
Watch the video
We discuss how North America, Asia and Europe will adapt to a future with less gasoline-fuelled cars
The rise of electric vehicles and renewable energy explains some of the widening divide between the developed and emerging world. Demand for oil in developed countries will revert to structural decline by 2020, wiping out about four million barrels per day by 2035. In contrast, developing economies will increase their demand for oil by nearly 16 million barrels per day by 2035.
While transport demand will flat-line around 2030, we forecast continued growth in overall global oil demand, supported by the petrochemical sector. Nonetheless, the prospect of peak oil demand is very real. The industry needs to start planning now if it is to be prepared for what lies ahead.