But actual oil consumption numbers suggest that peak demand for oil won't happen soon, and when it does happen it will do so at a demand millions of barrels per day (BPD) higher than current demand. Proponents of peak demand expect that exponential growth in electric vehicles (EVs), and to a lesser extent an increase in biofuel production will send oil demand into permanent decline. In a nutshell, the article treated oil demand as stagnant, which resulted in the assumption that in 2023 the displacement would take place from current demand levels. In other words, if 2016 demand was 95 million BPD, the Bloomberg scenario presumed 2023 demand at 93 million BPD (and falling every year). (I can recall many who suggested ten years ago that growth in biofuels would lead to peak oil demand).

Source: Forbes June 19, 2017 04:30 UTC