Global oil demand could peak in only five years, according to forecasts suggesting that oil companies are underestimating the rise of electric vehicles. Most oil majors do not expect oil usage to start to decline until the late 2030s, with Shell forecasting that it could peak in the late 2020s only under the “most aggressive” and unlikely scenario for electric car growth. However, in a report being published today, DNV GL, a Norwegian risk management company that works with both oil and gas and renewables companies, predicts that the peak could come as early as 2022. According to Remi Eriksen, its chief executive, there will be “a more rapid uptake of electrical vehicles – personal cars but also into trucks and buses – from 2020 onwards”. The company is forecasting cost parity between electric vehicles and traditional petrol and diesel cars within five years and believes that by 2035 half of global new car sales will be electric.
Times 4th Sept 2017 read more »
Telegraph 4th Sept 2017 read more »