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https://webcache.googleusercontent.com/search?q=cache:https://medium.com/the-future-is-electric/the-age-of-oil-is-ending-well-have-a-lot-of-oil-left-over-93e99175c272>
"Peak oil demand is the point at which the consumption of oil reaches its
maximum level before it starts to decline. The timing of peak oil demand is a
topic of ongoing debate among firms, analysts, and experts in the energy
industry, but major firms and analysts are trending to this decade.
For example, the International Energy Agency (IEA) has predicted that oil
demand could peak as early as the mid-2020s. BP’s
Energy Outlook has
projected that oil demand could peak in the early 2030s. Equinor, a Norwegian
multinational energy company, in its Energy Perspectives has projected that oil
demand will peak before 2030, and the use of electric cars will play a
significant role in reducing oil consumption, however, road transportation will
remain a key user of oil-based products. McKinsey, the global consulting firm
which deals extensively with the fossil fuel industry, projects late this
decade for peak oil demand, and that it could occur earlier.
On the other hand, there are also firms and analysts who believe that peak oil
demand is still a ways off. For example, ExxonMobil has stated that it expects
oil demand to continue to grow through at least 2040, while the US Energy
Information Administration (EIA) has projected that oil demand will not peak
until the 2040s.
It is important to note that one of the biggest consumers of energy is the oil,
gas, and coal industry, so as other sectors decline in demand, reduction of
demand will actually be higher. The best estimate I have of the fossil fuel
industry’s energy demand is 11% of global energy, so as oil demand drops by 1
million barrels a day outside of the industry, the actual demand drop will be
more like 1.1 million barrels."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
