02 Aug '17, 2pm

Decline of oil: Bloomberg suggests what it could look like

Decline of oil: Bloomberg suggests what it could look like

Oil well (photo by John Hill) Enlarge Photo Predictions on the future of global energy vary greatly, but many analysts largely believe that peak demand for the oil industry is coming relatively soon. The world's largest oil companies, however, see it differently: they say their business will only continue to grow through the year 2040. Exxon and OPEC each believe more than 100 million barrels of oil will be needed globally each day by 2040; the International Energy Agency (IEA) also predicts growing demand. DON'T MISS: How Shell Oil Sees The Future Of Energy And Vehicle Fuels In 2050 But many factors that affect future oil demand haven't been factored in, says Bloomberg , which has laid out its analysis in detail in assessing that IEA forecast. A combination of smaller changes could see oil production not growing, but waning, over the next few decades. About 60 percent of ...

Full article: http://www.greencarreports.com/news/1111882_demise-of-oil...

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