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Energy giant Shell says oil demand could peak in just five years

Energy major Shell makes rare projection, at odds with some of its biggest competitors, that the global oil demand could peak within five years.

Photo: Shell

Royal Dutch Shell Plc, the world's second-biggest energy company by market value, thinks demand for oil could peak in as little as five years, a rare statement in an industry that commonly forecasts decades of growth.

"We've long been of the opinion that demand will peak before supply," Chief Financial Officer Simon Henry said on a conference call on Tuesday. "And that peak may be somewhere between 5 and 15 years hence, and it will be driven by efficiency and substitution, more than offsetting the new demand for transport."

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