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World oil demand to peak before supply - BP
17 Jan 2008 10:18:19 GMT
Source: Reuters
(Repeats story published late Wednesday)

By Alex Lawler

LONDON, Jan 16 (Reuters) - World oil production may peak in the coming years, but it will be because of a decline in demand for petroleum rather than constraint on supply, a BP economist said on Wednesday.

The comments come in the wake of remarks from other industry officials who in recent months have questioned mainstream supply forecasts, suggesting a peak in output may be closer than the industry has previously admitted.

"I believe there is a realistic possibility that world oil production will peak within the next generation as a result of peaking demand," BP Special Economic Advisor Peter Davies told a meeting at parliament organised by a group of lawmakers looking into peak oil.

A rally in oil prices, which hit a record high above $100 a barrel earlier this month, is leading to growing interest in peak oil -- the view that supply has reached, or will soon reach, a high point and then fall.

London-based BP, the world's


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Jakob Kellenberger, president of the International Committee of the Red Cross, speaks during an interview in Moscow January 16, 2008. The International Red Cross appealed to Russia on Wednesday to speed ...



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Last updated:Thu Jan 17 10:16:24 2008