The accelerating adoption of electric vehicles (EVs) and electrification in other oil-consuming sectors is set to bring peak oil demand as early as 2026 at 101.6 million barrels per day (bpd), which would be just around 1 million bpd above the 2019 levels, according to Rystad Energy’s latest forecast.
At the end of last year, Rystad Energy had predicted that global oil demand would peak at 102 million bpd in 2028, noting back then that the push to low-carbon energy and the pandemic would speed up the peak oil demand timeline to 2028 from…Rystad Energy Sees Oil Demand Peaking In 2026
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