One school of thought is that future oil demand is set to decline because consumers will have better options. I have written previously on why I don't believe this version of future oil demand will unfold anytime soon. In March 2017, the International Energy Agency published its market analysis and forecast report, Oil 2017. The British multinational bank HSBC gave similar warnings in its Peak Oil Report 2017. HSBC noted that oil demand continues to grow at more than one million BPD every year, and they didn't see a peak demand scenario before 2040.

Source: Forbes March 23, 2018 12:00 UTC