Opec predicts oil could peak in just over a decade

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Opec has argued oil demand would peak in 2029 if countries meet their obligations under the Paris climate agreement.

In its annual global oil market report, the 14-member cartel, responsible for over a third of the world’s oil production, says its base case is that countries do meet the Paris targets despite trying to curb emissions.

In this case they expect oil demand to peak in 2040.

However, under a scenario in which countries agressively work to meet targets based on the Paris climate agreement it expects oil demand to peak in 13 years at 100.9m barrels a day and decline to 98.3m barrels by 2040.