Still pumping. in Saudi Arabia
Saudis see demand peak looming
Oil use will probably peak in emerging markets by early next decade, a senior adviser to Saudi Arabia's oil minister said today.
"I think that peak demand will come before peak of supply," Reuters quoted Ibrahim Al-Muhanna, advisor to Saudi Oil Minister Ali Naimi, saying in answer to questions at a conference in Paris.
"The demand in emerging economies will take time to peak but definitely it will peak maybe this decade or early next decade," he said.
A six-year oil price rally that ended in 2008 had led to increased interest in the theory that world oil supply may be nearing its peak as easily accessible reserves dwindle.
That issue faded as economic slowdown eroded demand.
One leading proponent of the peak supply theory stands by his view conventional oil demand has peaked, but has also turned his attention to peak prices and peak demand.
"We're sort of at peak demand right now," retired petroleum geologist Colin Campbell, who has long been associated with the belief the world's oil supplies are dwindling, told Reuters earlier this month.
