"Peak Oil once struck fear into policymakers, businesses and consumers as a looming moment when the world might suck the last drops of black gold from the ground, like a straw reaching the bottom of a milkshake. The idea was popularized in the 1950s by geologist M. King Hubbert, who warned that US oil production would follow a bellshaped curve and eventually hit an unavoidable peak as fields matured and declined. Climate change has flipped the narrative in recent years."
"The International Energy Agency (IEA), a Paris-based body representing major oil-consuming nations, projects that demand will flatten to around 102 million barrels per day (bpd) by 2030. In its World Energy Outlook 2025, published last month, the IEA's main Stated Policies Scenario assumes governments follow through on ambitious energy and climate goals. OPEC, the Organization of the Petroleum Exporting Countries, takes the opposite view."
Peak Oil originated with M. King Hubbert predicting a bell-shaped decline in US oil production as fields matured. Climate change and technology shifts have changed attention from supply scarcity to the timing of peak demand. Electric vehicles and clean energy adoption are driving expectations of demand plateauing, while political pushback and policy rollbacks create uncertainty about transition speed. The IEA projects demand flattening to about 102 million barrels per day by 2030 under stated policies. OPEC forecasts continued demand growth with no peak before 2050 and consumption nearing 123 million bpd by midcentury. Both organizations warn that sustaining supply is becoming harder.
Read at www.dw.com
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