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The International Energy Agency recently forecast that world oil demand (not supply!) would reach 119 million b/d by 2020. A 1% annual growth in world demand for oil could cause global crude production to peak at 83 million b/d in 2016, according to Douglas-Westwood analysts. A 2% growth in demand could trigger a production peak of 87 million b/d by 2011, while 3% growth would move that production peak to as early as 2006. Zero demand growth would delay the world's oil production peak only until 2022.
DISCUSSION: During the 1980's, oil consumption dropped around the world as the delayed effects of the energy crisis led to the use of more fuel-efficient cars, better insulation in homes and so on...
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