# Is peak oil finally here? OPEC prepares for age of falling demand | Business and Economy | Al Jazeera

> Reuters sources say OPEC and its partners are preparing for a possible permanent drop in oil demand after the pandemic, alongside EV growth and renewables. Demand fell by as much as a third earlier this year and prices briefly fell below $16 a barrel. OPEC officials are questioning long-held demand growth forecasts.

- Date: 2020-07-28 · published 2020-07-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/52288-is-peak-oil-finally-here-opec-prepares-for-age-of-falling-demand-business-and
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A structural decline in oil demand points to lower long-run energy prices, which reduces diesel and freight costs but weakens biofuel demand support for vegetable oils over time. The story itself does not move near-term prices much.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-09-23 | [Financial Microscope Oil Prices, Interest Rates, and the Economy: The Key Factors Shaping Korea's Exchange Rate Around Chuseok - The Asia Business Daily](https://feedsoft.ai/events/17713-financial-microscope-oil-prices-interest-rates-and-the-economy-the-key-factors.md) | +1.9% | +8.3% |
| BRENT | 2019-06-04 | [Oil price slump: is this an economic warning?  - UNSW BusinessThink](https://feedsoft.ai/events/11309-oil-price-slump-is-this-an-economic-warning-unsw-businessthink.md) | +1.7% | +4.6% |
| BRENT | 2019-05-24 | [Oil Falls As US-China Trade War, Demand Make 'Recipe for Disaster' - Business Insider](https://feedsoft.ai/events/9797-oil-falls-as-us-china-trade-war-demand-make-recipe-for-disaster-business-insider.md) | -3.6% | -3.6% |
| BRENT | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -0.4% | +8.7% |
| BRENT | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.9% | -7.9% |
| WTI | 2025-05-06 | [Why oil prices are falling and what it means for the economy : NPR](https://feedsoft.ai/events/24843-why-oil-prices-are-falling-and-what-it-means-for-the-economy-npr.md) | +8.3% | +10.0% |
| WTI | 2020-05-07 | [As demand for fuel falls, gas prices and output also take a hit \| Coronavirus pandemic \| Al Jazeera](https://feedsoft.ai/events/10440-as-demand-for-fuel-falls-gas-prices-and-output-also-take-a-hit-coronavirus.md) | +6.0% | +56.4% |
| WTI | 2019-06-04 | [Oil price slump: is this an economic warning?  - UNSW BusinessThink](https://feedsoft.ai/events/11309-oil-price-slump-is-this-an-economic-warning-unsw-businessthink.md) | +0.1% | +10.7% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2020/7/28/is-peak-oil-finally-here-opec-prepares-for-age-of-falling-demand

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.