The ongoing electrification of the global transportation fleet will shorten the timeline for peak oil demand to only five years, a DNV GL analyst said on Nov. 20.

“This is different from many other forecasts,” admitted Sverre Alvik, program director for energy transition at the Oslo-based risk management firm, during a webcast sponsored by the Washington, D.C.-based Center for Strategic and International Studies. “Most others see oil peak between 2030 and 2040. We see it earlier. The role of the global transport sector is the main reason for that.”

IHS Markit forecasts oil’s peak demand to be around 2035. Wood Mac forecasts 2036. The International Energy Agency predicts the peak will be around 2025.

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