Demand for oil could peak by the late 2020s or early 2030s in a best case scenario, the CEO of Shell told CNBC, offering a faster timeline than other closely followed oil market prognosticators.
To be sure, this does not reflect Shell's baseline scenario. For oil consumption to start declining in 10 years, policy and technology will have to develop very quickly to expedite the transition to cleaner power, Ben van Beurden, chief executive officer at Royal Dutch Shell, said on Thursday.
"Even in the most aggressive scenario, where policies really work at their best, where technology really makes a lot of strides in the near future, oil isn't going to peak before the late (2020s) or early 2030s, and when it does peak it's not going to go out of fashion overnight," he said.
Still, the view that oil consumption could start falling that fast is remarkable compared to other forecasts.