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Recently, British Petroleum (BP) went public in declaring that “peak oil demand” was reached in 2019. According to the oil major’s 2020 outlook, global oil demand will not regain levels reached last year, and that demand could soon fall rapidly, due to stronger climate action by countries, by at least 10% over the next 10 years, and up to 50% by 2040. Demand for the fossil fuel has doubled over the past 50 years, reaching around 100 million barrels of oil per day (bopd) in 2019. While earlier editions of BP’s outlook stated that global demand would continue rising steadily, peaking in the mid-2030s, the latest version sees the decline as much more dramatic, with peak demand already reached in 2019, and either slowing down or plateauing over the next three decades.

United statesNew south walesUnited kingdomWashington monumentBritish columbiaNew yorkWerner antweilerRichard millsWood mackenzieVancouver sunEnergy information administrationNational postNational renewable energy laboratoryInternational association for energy economicsSauder school of businessInstitute for sustainable futures