Oil's well—for now
Experts differ on when oil demand will peak but agree we're accelerating towards it
Global demand for oil will hit its all-time peak within less than five years and thereafter begin a steady long-term decline, according to a bold forecast by respected Norwegian institute DNV GL in a thought-provoking study. The think tank and registration society estimates that 2022 will be oil's peak year, which is at least a decade earlier than previous studies, including those by oil and gas majors. The study also forecasts that Opec's strategy of limiting the supply of crude to global markets will unravel as oil companies steadily reduce their cost of production and undercut the group's output. In the biggest transition for the industry since the industrial revolution, DNV GL also fores
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