The oil price is mainly influenced by geopolitical developments, OPEC oil production decisions, exploitation of shale/tight oil, climate policies and oil demand developments.

There are some important observations about the development of the global oil demand, which has already had a peak in 2005 in the world’s 35 most developed countries. The question is when the rest will follow. Only in 3 of the top 10 largest oil-consuming countries, demand is still growing (China, India and South Korea).

David Frans published a blog about peak oil recently. In this publication, too, we relate oil consumption to GDP levels – and vehicle emission targets.