Wood Mackenzie brings peak oil forecast forward to 2036

Peak oil demand will arrive in 2036 according to energy consultant Wood Mackenzie, with electric vehicles and autonomous vehicles set to rapidly alter the world’s transportation sector.

Speaking to the Financial Times, Wood Mackenzie’s head of crude oil research Ed Rawle said: “Autonomous electric vehicles or robo-taxis will really change the face of transport in the coming decades.”

The UK-based energy advisory believes that autonomous EVs and robo-taxis will become commercial by 2030 before gaining market-wide acceptance by 2035. Each autonomous EV is forecasted to displace more oil demand than a conventional EV, according to Wood Mackenzie.

“They will be on the road far more as they are autonomous, displacing a disproportionate amount of oil-based transport,” said Rawle.

The biggest curb on oil demand over the next ten years will be fuel efficiency, and Wood Mackenzie sees gasoline demand as the first oil-based fuel to reach its peak in around 2030.

Wood Mackenzie’s updated peak oil demand forecast is taken from a long-term energy outlook report, quoted by the FT. Several organisations have predicted different dates for the milestone, with BP anticipating peak oil at some point in the 2030s, while research from the Boston Consulting Group (BCG) has even suggested it could arrive within eight years.