Elon Musk has announced he thinks that the world will reach peak oil demand within the next five years, which seems to be in-line with what the International Energy Agency (IEA) predicted in a report it published in late 2022. The IEA said the demand for oil would level off around the middle of this decade and then start to go down towards the year 2050 (and presumably beyond).

According to IEA Executive Director Fatih Birol,

Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come. Even with today's policy settings, the energy world is shifting dramatically before our eyes. Government responses around the world promise to make this a historic and definitive turning point towards a cleaner, more affordable and more secure energy system.