Oil Demand Has Peaked and Will Be Decimated by 2050, IRENA Says

Oil demand has already passed its peak and the hydrocarbon that’s dominated the energy industry for a century will almost cease to be used by 2050, according to the International Renewable Energy Agency.

Consumption of crude reached its zenith around 2019, according to the Abu Dhabi-based organization that advises governments on renewable energy. Oil production will drop to just 11 million barrels a day by mid-century, compared with around 100 million at the moment, it said.

While many in the industry admit oil demand may already have topped out or is likely to this decade, the plunge forecast by...