It’s been written about an awful lot here, already been picked up by some prominent analysts and even a nascent fund manager, but BP chief executive Tony Hayward has further publicised the peak demand concept on the BBC:
LONDON (Reuters) – World oil demand will peak sometime after 2020 at a maximum of around 110 million barrels per day (bpd), BP Chief Executive Tony Hayward said on Thursday.
“World demand will peak before its supply peaks because there is plenty of oil in the world, there really is,” he said in an interview on BBC Radio 4.
As to numbers, he was somewhat vague:
“It will probably occur beyond 2020 — who knows what the number will be, but it will be somewhere between sort of 95 and… 110 million bpd, probably, versus the 85 we consume today.”
If Total chiefs are right, we better hope it’s at the lower end of that scale.
“You can sort of argue on a supply side it’s $60 and on a demand side it’s $90, is the world going to turn out like that?”
Let’s see if ‘demand destruction’ enters the popular lexicon in the next decade or so…
(H/T John Kemp)
Peaking oil demand? (FT Energy Source)
Deutsche: the end of the age of oil is night (FT Energy Source)
Peak demand: Going big (FT Energy Source)
Do oil sands plus peak demand spell doom for majors? (FT Energy Source)