Peak oil in less than a decade: Rystad

CEO makes bullish prediction on the energy transition and suggests investment in oil and gas will never again hit 2014 record

Peak oil consumption will happen much sooner than the industry expects—by the end of the 2020s—according to the CEO of Rystad Energy. Rystad Energy’s sector-by-sector analysis predicts peak oil consumption before the end of the decade and “then a steady decline after that”, Jarand Rystad told the Oil & Gas Council’s World Energy Capital Assembly (Weca) conference in London. He added that peak gas will follow “maybe” 10 years later. The transition would happen even in the absence of climate change, he says, due to local pollution legislation and technological development on the supply side, particularly in solar power generation, as well as the demand side, including from EVs. “Those two