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Oil demand: Beware the gap

Forget a peak—falling production from existing fields should be the market’s immediate focus

Peak oil demand has swiftly moved from concept to potential to symbolic talisman—and it means different things to different people. Most often, the debate centres on the year when this peak may occur. Is it 2025? 2035? And these days the discussion never fails to mention electric vehicles, which—runs the argument—will eat away at oil's market presence. But there are other significant things to worry about in the much shorter term. And for companies, this attempt to identify the year of the peak—and what will happen to the 20% or so share of the market that would be affected by transport electrification—is simply not granular enough to be of use. It also ignores what's been going on in the m

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