{"id":6568,"date":"2016-06-06T12:56:01","date_gmt":"2016-06-06T17:56:01","guid":{"rendered":"http:\/\/nrgibroker.com\/?p=6568"},"modified":"2016-08-21T15:07:58","modified_gmt":"2016-08-21T20:07:58","slug":"oil-demand-to-peak-in-2030-as-energy-experts-slash-forecasts","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/oil-demand-to-peak-in-2030-as-energy-experts-slash-forecasts\/","title":{"rendered":"Oil demand to peak in 2030 as energy experts slash forecasts"},"content":{"rendered":"<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Global\u00a0 oil demand could \u00a0peak by the end of the next decade \u00a0even as global economic growth climbs.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The latest downward revision to forecasts, from consulting firm McKinsey, could \u00a0leave major new investments uneconomic if demand for energy fails to meet expectations.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">McKinsey said it has cut its forecast for growth in demand \u00a0to 0.8pc a year to 2040, \u201cwell below mainstream base case perspectives\u201d, including its own estimate of 1.1pc made last year.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Demand for oil is expected to grow even more slowly \u00a0beyond 2025, with the research pointing to a possible \u00a0peak of 100m barrels a day by 2030, from current levels of 94m.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The \u00a0industry is mired in debt after the plunge in oil prices in recent years.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">McKinsey\u2019s Occo Roelofsen said despite an expected increase in global population of around 36pc, and a doubling in global gross domestic product (GDP), shifting energy sector dynamics are set to depress energy demand.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">\u201c This change is driven by three factors: first, overall GDP growth is structurally lower as the population ages; second, the global economy is shifting away from energy-intense industry\u00a0towards services; and third, energy efficiency continues to improve significantly,\u201d he said. \u201cPeak oil demand could be reached around 2030. \u201d<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">\u00a0Meanwhile growth in electricity demand will outstrip other sources of energy by more than two to one, due to the steady \u201celectrification\u201d of building and industry in China and India.<\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Almost 80pc of the capacity needed to meet this \u00a0increase will be \u00a0from solar and wind power, McKinsey predicts.<\/span><\/h3>\n<p><a href=\"https:\/\/nrgibroker.com\/wp-content\/uploads\/2016\/06\/shutterstock_117314191.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6574 size-full\" src=\"https:\/\/nrgibroker.com\/wp-content\/uploads\/2016\/06\/shutterstock_117314191.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/nrgibroker.com\/wp-content\/uploads\/2016\/06\/shutterstock_117314191.jpg 600w, https:\/\/nrgibroker.com\/wp-content\/uploads\/2016\/06\/shutterstock_117314191-300x200.jpg 300w, https:\/\/nrgibroker.com\/wp-content\/uploads\/2016\/06\/shutterstock_117314191-450x300.jpg 450w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<h3><span style=\"font-size: 14pt;\">Copyright: <a href=\"http:\/\/www.telegraph.co.uk\/business\/2016\/06\/06\/oil-demand-to-peak-in-2030-as-energy-experts-slash-forecasts\/\" target=\"_blank\">The Telegraph<\/a><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Global\u00a0 oil demand could \u00a0peak by the end of the next decade \u00a0even as global economic growth climbs. The latest downward revision to forecasts, from consulting firm McKinsey, could \u00a0leave major new investments uneconomic if demand for energy fails to meet expectations. McKinsey said it has cut its forecast for growth in demand \u00a0to 0.8pc [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1017],"tags":[],"class_list":["post-6568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/6568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=6568"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/6568\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/6575"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=6568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=6568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=6568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}