The accelerating adoption of electric vehicles (EVs) and electrification in other oil-consuming sectors is set to bring peak oil demand as early as 2026 at 101.6 million barrels per day (bpd), which would be just around 1 million bpd above the 2019 levels, according to Rystad Energy’s latest forecast . At the end of last year, Rystad Energy had predicted that global oil demand would peak at 102 million bpd in 2028 , noting back then that the push to low-carbon energy and the pandemic would speed up the peak oil demand timeline to 2028 from 2030 previously expected. In its updated base-case scenario issued on Wednesday, the energy research firm is now further cutting to 2026 the expected timeline in which global oil demand would continue to grow. EVs will be the key driver of oil demand being replaced, but in coming decades, oil could be substituted or […]