Downturn dries up oil demand

Peak oil may have arrived in the developed world

Consumption in the developed world will remain stagnant for many years to come, OPEC said, even as many economists believe the wealthy world’s seemingly insatiable demand for oil may well have peaked permanently.

The weaker-than-expected demand should help keep a lid on crude prices, and could undermine the viability of some oil sands projects, said energy economist Peter Tertzakian, of Calgary-based ARC Financial Corp.