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Page added on September 1, 2023
Peak Oil Demand Predicted by Bloomberg in 2027
According to a recent analysis by Bloomberg, the demand for gasoline and diesel has already peaked in the United States and Europe, and is expected to peak in China by 2024 and in India in the 2030s. Bloomberg predicts that global demand for road fuel will continue to grow for only four more years, reaching its peak in 2027 at 49 million barrels per day, before entering a terminal decline. The main factors contributing to this decline are the rise of electric vehicles (EVs), improvements in fuel efficiency, and the popularity of shared mobility.
Bloomberg estimates that by 2040, EVs will displace a staggering 20 million barrels per day in oil demand, a substantial increase from the current 2 million barrels per day. The shift towards EVs is expected to have significant implications for the oil and gas industry. Legacy automakers are facing declining total vehicle sales, despite the growing sales of EVs. General Motors, for example, plans to produce around 400,000 electric vehicles by 2024, with annual EV production in North America expected to exceed one million by 2025. This increased competition in the EV market poses a threat to Tesla’s dominant market share.
While there have been various predictions about the impact of EVs on oil demand, estimates vary widely. Stanford University economist Tony Seba has famously declared that EVs will obliterate the global oil industry by 2030, and Bloomberg itself predicted a global oil crisis triggered by EVs in 2016. However, the reality is likely to be less severe. Currently, EVs are estimated to be displacing 1.5 million barrels of oil demand per day, which accounts for 3% of total road fuel demand. It is clear that the rapid adoption of EVs will have an impact on oil demand, but the extent of this impact is still subject to speculation.
In conclusion, Bloomberg’s analysis suggests that peak oil demand will occur in 2027, driven by the increasing popularity of EVs, improvements in fuel efficiency, and shared mobility. This shift towards EVs is expected to have implications for the oil and gas industry, with legacy automakers facing increasing competition. However, the exact impact of EVs on oil demand remains uncertain and is subject to varying estimates.
16 Comments on "Peak Oil Demand Predicted by Bloomberg in 2027"
Dredd on Sat, 2nd Sep 2023 6:00 am
The ubiquitous but hidden in plain sight containment entity for current civilization is the realm of “limited quantity” elements (On The Origin of The Containment Entity – 16).
In other words, just about every thing.
The infamous “if you believe thus and such I have a bridge to sell you” has morphed into “there is an endless supply of this and that stuff”.
Oil-Qaeda originated the latter version for the latter day saints.
Asshole sniffer III of New York on Sat, 2nd Sep 2023 11:51 am
I was at a Bloomberg board meeting a few hours ago and shat myself!
Amazingly the other managers did not seem to notice the awful stench!
It really did smell like something dead had hatched from my bowels and escaped from my ass in all of its reeking and foul glory!
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Theedrich on Thu, 7th Sep 2023 3:19 pm
Obama is guilty of murder, which the media hide. The complicit media. See https://www.youtube.com/watch?v=JXQBS0VNcLE and https://www.youtube.com/watch?v=hKGwmlC2MI8. B.O.’s accomplice, Biden, shares in his criminality. Of course, as Noam Chomsky has said, it is pointless to speak truth to power, because they already know the truth. The name of the game is suppression of the truth.
Diana on Thu, 19th Oct 2023 8:49 pm
It’s fascinating to see how the landscape of the global oil industry is evolving, as Bloomberg predicts that peak oil demand will hit in 2027. The data shows that the demand for gasoline and diesel has already reached its zenith in the United States and Europe, with China expected to follow suit by 2024 and India in the 2030s. This impending peak is largely attributed to the surge in electric vehicles (EVs), advancements in fuel efficiency, and the growing popularity of shared mobility options. It’s remarkable to think that by 2040, EVs are projected to displace a staggering 20 million barrels of oil demand daily, reshaping the dynamics of the energy industry.
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giovannirocky on Tue, 24th Oct 2023 7:58 pm
This is truly fascinating news! It’s heartening to see that the world is moving towards a greener and more sustainable future. Bloomberg’s analysis highlights the significant shifts happening in the global energy landscape. The fact that the demand for gasoline and diesel has already peaked in the United States and Europe is a clear sign of the growing awareness and adoption of cleaner alternatives.
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