#IMF predicts peak of global oil demand in 2041

According to the report by the International Monetary Fund on the region of the Persian Gulf, global oil demand may peak by about 2041. The reason for this, as analysts expect, will be an increase in the efficiency of electric energy consumption.“…Global oil demand will peak around 2041 at about 115 million barrels a day and gradually decline thereafter as the demand-reducing effects of improvements in energy efficiency and increased substitution away from oil begin to dominate the weakened positive impact of rising incomes and population,” the report says.It is noted that, if the forecast comes true, the economic situation in the member countries of the Cooperation Council for the Arab States of the Gulf will significantly change. These nations may deplete accumulated savings, now valued at 2 trillion US dollars, by 2034.