New research shows that in the very near future there might no longer be any need for oil wars - demand will peak in the next decade and after that start to decline.
The study, conducted by Ricardo Strategic Consulting, reveals that global oil demand might even peak before 2020.
The research project involved a number of global leaders in the fields of energy and technology. It reveals significant changes in the demand pattern for oil in the very near future. The study also outlines the role of global energy security policies in this regard.
According to the findings there will be an evolutionary change in motor car technology over the next two decades, leading to lower demand for petrol. This will mainly be achieved by producing more energy efficient engines and the use of alternative fuels.
When oil demand hits a peak at around 2020, it will only be about 4% above its current level. Fifteen years later, by 2035, it should, in fact, be about 3% lower than current levels.
Some countries will reach peak demand before others. In China demand is expected to grow by 60% up to 2027, after which it will start to decline.
Although the transportation sector will grow by 80% between 2010 and 2035, new technology and the introduction of bio-fuels will make the impact much less than normally expected.
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