Global petrol demand could peak before 2030
Oil analysts have predicted peak demand for petrol could occur as soon as 2030, according to a report by Wood Mackenzie.
The prediction cited an increase in electric vehicle models and rising use of renewable energy as key reasons, as well as ever-increasingly more efficient petrol engines.
Petrol and diesel demand comprises about two-thirds of all oil consumed, therefore a decline in the use of these products would signify ‘peak oil demand’ is approaching, the analysts said.
A senior analyst talking to the Guardian newspaper said the lack of oil demand would lead to knock-on effects, including a lack of investment in refineries and the number of fuel station forecourts reducing.
Over the next 20 years, renewables are expected be the fastest-growing primary energy source globally, further reducing the need for oil.
Figures released by the AA showed petrol and diesel demand fell in the first 8 months of 2017, in the UK, compared to the same period last year and despite an increase in traffic.For more of the latest industry news, click here.