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
While many in the industry admit oil demand may already have topped out or is likely to