As the months went on, the crisis became acute. National Oceanic and Atmospheric Administration. In merging with U.
The world's thirst for oil may finally be quenched.
The prediction is more evidence of a dramatic shift in appetite for oil. And talk of peak oil demand — from one of the world's largest oil producers, no less — shows how the thinking in the energy market has been upended. A decade ago, people were worried about the opposite problem — a peak in how much oil could be pumped out of the ground. Yet the world is now awash in oil. Excess supply, driven largely by the U. Those swings show how difficult it is to predict the future in the rapidly changing energy industry.
BP BP acknowledged its outlook considered a "range of scenarios. Venezuela warns Trump not to ban its oil. In November, the oil cartel led by Saudi Arabia predicted that the global appetite for crude would keep growing through But even OPEC conceded that oil demand would "decelerate steadily" due to slower economic growth, higher oil prices, energy efficiency and "strong competition from other energy sources.
It's impossible to pin down when we're going to reach peak oil demand," said Matt Smith, director of commodity research at ClipperData. But electrics still make up just 0. Trump hasn't killed the renewable energy movement. That push has been aided by a crackdown in Europe on the internal combustion engine. Norway, France, Germany and the U. We welcome suggested improvements to any of our articles.
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