Peak oil demand could come around 2030 at 111 million bpd in the current market as road transport electrification and efficiency gains in all sectors offsets increasing petrochemical and aviation growth, Norway’s Equinor said in its Energy Perspectives report on Thursday. That assumption is one of Equinor’s scenarios for energy transition, Reform, which suggests that oil demand will grow robustly through the early 2020s, level out in the second half of the decade, peak at 111 million bpd around 2030, and then fall to 105 million bpd by 2050. Equinor—which dropped the name Statoil last month to reflect a “broad energy” company rather than being associated only with oil—is discussing two other scenarios in its Energy Perspectives—the Renewal scenario and the Rivalry scenario. Renewal assumes global cooperation, fast energy transition, and the achieving the Paris Agreement’s target to limit global warming to well below 2°C. In Renewal, peak oil […]