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Will Peak Demand Roil Global Oil Markets?
A look at how global demand for oil could flatten with the growing use of low-carbon technologies and how this decline could affect global oil markets.
Now the notion of peak oil is back, but in reverse form, with global demand set to flatten and then fade amid growing use of EVs and other low-carbon technologies. The arrival of “peak demand” would turn global oil markets into a zero-sum game: Supply growth in one region or field would simply push down prices, driving out higher-cost producers elsewhere. According to the Dallas Fed Energy Survey, U.S. firms need an average WTI oil price of $61 to $70 a barrel to profitably drill a new well, depending on the location.
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