0 million bpd, demand peak?
ally thought that the world is on the brink of another energy transition, in which conventional sources such as oil will eventually be substituted away in favor of low-carbon sources.”
OPEC Secretary-General Mohammad Barkindo told a conference in South Africa on Sept. 5 that global consumption would hit 100 million bpd this year, sooner than anyone had projected.
With a sophisticated global infrastructure for extraction, refining and distribution, oil produces such a powerful burst of energy that it is invaluable for some forms of transport such as aircraft.
Of the almost 100 million barrels of oil consumed daily, more than 60 million bpd goes for transport, and alternative fuel systems such as battery-powered electric cars still have little market share.
Much of the remaining oil is used to make plastics by a petrochemicals industry that has few alternative feedstocks.
Although government pressure to limit the use of hydro-