Global petrol demand could peak before 2030

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Oil analysts have predicted peak demand for petrol could occur as soon as 2030, according to a report by Wood Mackenzie.

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Global petrol demand could peak before 2030

The prediction cited an increase in electric vehicle models and rising use of renewable energy as key reasons, as well as ever-increasingly more efficient petrol engines.

Petrol and diesel demand comprises about two-thirds of all oil consumed, therefore a decline in the use of these products would signify ‘peak oil demand’ is approaching, the analysts said.

A senior analyst talking to the Guardian newspaper said the lack of oil demand would lead to knock-on effects, including a lack of investment in refineries and the number of fuel station forecourts reducing.

Over the next 20 years, renewables are expected be the fastest-growing primary energy source globally, further reducing the need for oil.

Figures released by the AA showed petrol and diesel demand fell in the first 8 months of 2017, in the UK, compared to the same period last year and despite an increase in traffic.

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Jonathan Musk

Jonathan turned to motoring journalism in 2013 having founded, edited and produced Autovolt - one of the UK's leading electric car publications. He has also written and produced books on both Ferrari and Hispano-Suiza, while working as an international graphic designer for the past 15 years. As the automotive industry moves towards electrification, Jonathan brings a near-unrivalled knowledge of EVs and hybrids to Fleet World Group.