World oil demand to peak in 2030 -Statoil

World demand for oil will peak around 2030 and will not exceed 100 million barrels per day by 2040, Norway’s Statoil (Xetra: 676685 – news) said in its annual market outlook on Friday.

“Fossil fuels are here to stay, but gas is growing the most. For oil demand, we see a peak around 2030,” Eirik Waerness, Statoil’s chief economist, told reporters.

Growth in the U.S domestic oil output has been the biggest change affecting the oil market, he said, which would compensate for an expected fall in output from countries that do not belong to the Organization of the Petroleum Exporting Countries (OPEC).

Statoil is the latest energy company to provide its view on future energy markets after BP (LSE: BP.L – news) ‘s report released on Wednesday.

Statoil predicted global primary energy demand would grow by 40 percent by 2040, mainly from non-OECD countries where energy demand is seen rising by more than 60 percent by 2040.

finance.yahoo.com