“I believe we may not see $100 (oil) ever again,” said Vitol’s Ian Taylor last week in London. His rationale for making such a prediction is the belief that global oil demand will peak in the medium term. “I have begun feeling that… we are coming to peak demand towards 2030,” said Taylor, the CEO of the world’s largest oil trader, as quoted by Reuters. Peak demand is the point at which the world’s oil demand stops growing for good—current global oil demand is 93 million barrels per day, with most estimates expecting that figure to grow to over 100 million barrels per day within the next five to ten years. His comments come at a very curious time, given the current oil market situation, with prices in the $40-$50 range, U.S. consumption back on the rise, emerging markets seeing rapid economic development, and petroleum still making up more […]