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Peak demand for oil in 2022: Decline to start sooner than expected
Oct 03: The latest research by a very respected oil and gas service provider has made the alarming claim that peak demand for oil will come as early as the year 2022.
8A decline in demand will begin, with significant decreases in North America, Europe, Pacific OECD, and later in China.
8The forecast curve shows production rising from nearly 82 million barrels per day (Mbpd) in 2015 (excluding NGLs and other liquids) to a high of 83Mbpd in 2022 before declining, slowly at first then more quickly, to hit 50Mbpd in 2050.
8Offshore oil production is likely to gradually decline over the forecast period, from today’s level at 26Mbpd to less than half that amount in 2030. The Middle East and North Africa are the only regions from where a more-or-less sustained level of offshore oil production is possible beyond 2020.
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