DNV GL predicted oil demand to peak in 3 years and then remains flat until 2030. Most oil companies expect demand to peak between the late 2020s and the 2040s.The International Energy Agency (IEA) does not expect a peak before 2040, with rising petrochemicals and aviation demand more than offsetting declining oil demand for road transportation.

But the Wednesday’s annual report from DNV GL believes oil demand to peak in 3 years and then remains flat until 2030. “The main reason for forecasting peak oil demand in the early 2020s is our strong belief in the uptake of electric vehicles, as well as a less bullish belief in the growth of petrochemicals,” Sverre Alvik, head of DNV GL’s Energy Transition Outlook (ETO).

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