Global oil demand will significantly decelerate and peak around 2040. This according to a document on the future of oil issued by the International Monetary Found.

As stated by IMF, improvements in renewable energy and the increasing push for environmental protection are the major factors of a “gradually slowing—and eventually declining—global demand for oil”.

The general demand for natural gas is also expected to slow, although it will probably remain positive in the coming decades.

IMF also declared that slowing global oil demand spells a “significant fiscal sustainability challenge for the GCC region”.