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, Wood Mackenzie forecasts 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.