Rystad predicts peak oil demand in 2026

Expanding adoption of electric vehicles has the Norwegian energy analysis firm moving its expectation for peak demand ahead a few years.

Photo: Dronebase dronebase/REUTERS / X06507

Global crude demand in 2026 will be an estimated 101.6 million barrels of oil per day, thereby setting a record that will never again be matched or surpassed, forecasts Rystad Energy in a new prognosis and thus moves its prediction date for peak demand ahead by two years. After 2030, the firm foresees demand falling to less than 100mbpd.

Rystad's preceding oil market projection was released in November last year, and the company's outlook at the time was for demand to peak at 102.2mbpd in 2028. Going back in time to before the pandemic, Rystad foresaw demand peak at 106mbpd in 2030.

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