Oil Demand Peaks, Then Plummets by 2050, Rystad Energy Predicts

The global oil market is entering a new phase as stronger economic growth collides with efficiency gains, electrification, and fuel substitution.

Rystad Energy's latest Oil Macro Scenarios Report predicts that demand will peak at 107.5 million barrels per day (bpd) in 2030 before falling to 88M bpd by 2050.

This shift is attributed to the increasing adoption of electric vehicles, with their global share nearing 30% and cars reaching 84% by 2050.

The report also notes that supply will peak near 112 million bpd in 2027, driven primarily by deepwater growth.

Rystad Energy emphasizes that the transition to a new oil demand landscape will be gradual, uneven, and highly sector-specific.