The rise and fall of black gold

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? 

Complete the form to find out what peak oil demand means for your business.

Watch our senior analysts share their long-term views on 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:

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.

Next in our peak demand series, read our coverage on how peak oil demand could affect companies and the refining, upstream, supply chain and metals industries. 

Complete the form at the top of the page to find out what peak oil demand means for your business.