Peak oil? OPEC says the world’s richest countries are already there
The world’s thirst for oil is unlikely to peak for two more decades but may already have crested in the U.S. and other wealthier countries, according to a forecast by OPEC.
The demand estimate, from one of the oil market’s most persistent bulls, punctuates the speed at which the coronavirus pandemic has upended the world’s energy mix.
The Organization of the Petroleum Exporting Countries expects demand for its core product to fall more than 10% among the world’s richest economies this year, and says it will never return to pre-pandemic 2019 levels.
