Sarwant has over 29 years of work experience in leading major advisory and transformation engagements focusing on making organizations future ready. Sarwant is currently working with Markets and Markets as President and Chief Commercial office.
The looming specter of “ peak oil ” has been a topic of intense debate for years. While some experts predict a rapid decline in global oil production, others maintain that the world’s energy supply will remain robust for decades to come. The reality, as with most complex issues, lies somewhere in between. The concept of “ peak oil ” has sparked a range of opinions depending on who you ask.Opinions on the timing and impact of peak oil vary widely.
In contrast, the IEA’s Net Zero Emissions scenario suggests a peak as early as 2025 at 102 million barrels/day, followed by a steep drop to 24.3 million barrels/day by 2050. BP’s scenarios include a “current trajectory” estimate that peaks oil demand in 2025, with a gradual descent to 75 million barrels/day by mid-century and a more rapid decline under its “Net Zero” pathway, which aligns closely with the IEA’s faster transition timeline.
Despite the accelerating adoption of EVs—projected to constitute about 30% of new car sales by decade end—oil remains crucial in areas such as aviation, freight, and petrochemicals, where EV alternatives are limited. Governments are supporting EV growth through incentives, such as the US’s $7,500 tax credits and Germany’s €9,000 subsidies.
EV Peak Oil Electric Vehicles BP OPEC Aramco Shell Exxon Mobil IEA
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