Coronavirus pandemic brings forward predictions for peak oil demand

The Covid-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world’s demand for oil may peak.

The rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.

While there is no consensus on when oil demand could peak, the revised predictions mark a boon to the fight against climate change and could weigh on oil companies’ plans to explore for and develop new resources.

BP – Could be as early as 2019

BP forecasts Covid-19 will knock around 3 million barrels per day (bpd) off by 2025 and 2 million bpd by 2050 in its central scenario.