Global oil demand will reach its peak in 2041 and then will decline gradually, the International Monetary Fund (IMF) said on Thursday, APA reports quoting Sputniknews.
"The benchmark projection of long-term oil demand… predicts that global oil demand will peak around 2041 at about 115 million barrels a day and gradually decline thereafter", the fund said in a report on the Gulf Cooperation Council Region.
The IMF expects demand-reducing effects such as improvements in energy efficiency, will play the leading role in this process.
Oil-exporting countries may face reshaping of their economies as these expectations materialise, the report said.
The IMF said these developments would pose additional fiscal challenges to the GCC states, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.