The maximum global total rate of oil extraction and the date of the maximum rate.
When global Peak oil extraction has passed, global total oil usage must also necessarily decline.
Opinions vary about whether global Peak oil will occur in the near future, or whether it has already passed.
The similarly defined rate and date in relation to a smaller entity, for example an individual country.
A shorthand term summarising the impossibility of basing long term sustainable growth on finite physical resources.
'Peak demand' new worry for fossil fuel producers
- "Remember 'peak oil'? ...
- It never happened. In the event, more and more oil and gas keeps being discovered...
- This has given rise to a new worry for fossil-fuel producers - 'peak demand'. Already, demand for hydrocarbons in advanced economies is beginning to fall. Rising use in the developing world ensures that, overall, global consumption should continue to grow for some years to come yet, but the peak may be much closer than generally appreciated...
- Renewables are very unlikely to replace hydrocarbons entirely... But we could be looking at a much swifter decline than generally imagined, with big implications for the price of oil and, therefore, the future of its main producers."
- The Treasurer magazine, March 2017, p15 - Jeremy Warner, assistant editor of The Daily Telegraph.