Energy transition fears drive short-term focus
The world will still need oil and gas for the foreseeable future. But concerns over how much and for how long are stifling investment
Peak oil used to be a term relevant to the supply side. That it is now applicable on the demand side instead is testament to two of the energy industry's biggest game-changers of the past decade—the US shale oil boom and the emergence of renewables as an affordable, scalable future source. The pace of the so-called energy transition to a low or zero carbon emissions future is highly uncertain. At Petroleum Economist's GCC Strategy Forum in February, Andy Brogan, global oil and gas transaction advisory services leader at consultancy EY, illustrated six different forecasts for oil demand out to 2040, from ExxonMobil, Opec and two each from BP and the International Energy Agency (IEA). The 2040
Also in this section
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
