Automotive consultancy sees oil demand peak by 2020

11/28/2011
Peak oil will be a demand rather than supply phenomenon, says a UK engineering, management, and automotive consultancy. Ricardo PLC says multiclient research its Ricardo Strategic Consulting unit began last June indicates global oil demand will peak before 2020 at no more than 4% above 2010 levels. The International Energy Agency estimates average 2010 oil demand at 88.2 million b/d. IEA and most other market observers project growth in oil demand to extend well beyond 2020, although growth rates differ. The Ricardo projection puts oil demand at 3% below 2010 levels in 2035. Accelerated increases in the use of first-generation biofuels could lower oil demand in 2035 to 10% below 2010 leve...
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