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
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
