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Page added on November 8, 2016
Opec predicts Paris agreement will mean 2029 peak oil
Opec has argued oil demand would peak in 2029 if countries meet their obligations under the Paris climate agreement.
In its annual global oil market report, the 14-member cartel, responsible for over a third of the world’s oil production, says its base case is that countries do meet the Paris targets despite trying to curb emissions.
In this case they expect oil demand to peak in 2040.
However, under a scenario in which countries agressively work to meet targets based on the Paris climate agreement it expects oil demand to peak in 13 years at 100.9m barrels a day and decline to 98.3m barrels by 2040.
One Comment on "Opec predicts Paris agreement will mean 2029 peak oil"
Plantagenet on Tue, 8th Nov 2016 10:59 am
What are the chances of countries meeting their goals under the Paris Accords? The treaty is non-binding and places no firm limits on the amount of oil that can be consumed or CO2 that can be emitted. I suppose its possible that countries like India and China will suddenly change course and voluntarily stop growing their GDP and oil consumption, but past experience suggests that isn’t likely.
Cheers!