Opec has joined a chorus of energy industry voices saying oil demand might peak within 15 years, as quicker adoption of alternative fuel cars and more aggressive climate targets look set to bring more than a century of rising consumption to a halt.
The forecast is the first official recognition from the producers’ cartel that oil demand — the source of the majority of its 14-members’ revenues — may soon top out, despite predictions the global vehicle fleet could almost double in 20 years as emerging economies develop.
Opec is not the first to argue oil demand might soon peak, but the forecast carries weight coming from a group that collectively pumps more than a third of world oil supplies.
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